=DJ Power-One Up-2: Goldman Sachs Maintains 12-Mo $90 Target
28 Sep 15:22
By Kathy Chu
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Shares of Power-One Inc. (PWER) rose Thursday following
Goldman Sachs & Co.'s reiteration of a buy rating and a 12-month target price
of $90.
"We believe that the recent selloff of PWER is completely overdone," said
Goldman Sachs analyst Masroor Siddiqui in a research note released Thursday.
Siddiqui attributed the recent selloff to concerns about Power-One's
third-quarter performance.
Analysts surveyed by First Call/Thomson Financial estimate earnings of 23
cents per share for the third quarter.
On Sept. 21, the stock had dropped by 17%, when news leaked on the market
that the company would meet consensus estimates, but would not exceed them by
as high a margin as in previous quarters. In the first quarter of 2000,
Power-One's operating income of 34 cents per share had exceeded analysts
estimates by 6 cents, or 21%.
Since Sept. 21, investors have continued selling off the stock, steadily
bidding down the price each day.
Shares of Power-One recently changed hands at $58.75, up $5.69, or 11%, on
volume of 7.1 million compared with average daily volume of 2.4 million.
(MORE) DOW JONES NEWS 09-28-00
03:22 PM |
