Ladenburg Hikes Audiovox Goal $10 To $70, Keeps Strong Buy (VOXX)
(NewsTraders.com)--Calling handset supplier Audiovox Corp. (VOXX) "a second half story," Ladenburg Thalman analyst Donald Newman today raised his price target on the "strong buy"-rated stock to $70 from $60.
Two-thirds of Audiovox's income is expected to be generated in the third quarter, while 60% of its cellular handsets are sold in the fourth quarter, the analyst said, in explanation of his description of the stock.
In addition, Newman said he has gained confidence in the stock after Audiovox was ranked number three in overall handset suppliers and number two specifically in CDMA handset suppliers for 1999, according to Dataquest.
Shares of the Hauppauge, N.Y.-based company, which supplies wireless products and accessories, recently dropped $2.38 to $49.88.
Copyright 2000 NewsTraders Inc. All Rights Reserved 11:41 Tuesday, March 28, 2000 |
