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Non-Tech : Gentex (GNTX)
GNTX 24.12-1.5%Feb 6 9:30 AM EST
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To: Alan Slife who wrote (65)9/8/1997 8:48:00 AM
From: Bill Marble   of 196
 
What I found strange about the Pru downgrade was that they left earnings estimates intact. I've seen this before, but it is usually specifically mentioned that they are downgrading on price - i.e. if the price has risen 40% in a month and is now only a couple points away from the 12 month price target an analyst might think it wise to take the windfall profit and move on. That doesn't appear to have happened in this case. Sure, we are up about 30% from 18 where it spent a lot of time, but we are selling for 30 times earnings with a 30% expected growth rate (by Prudentials numbers). That's not really out of line considering the market in general which is selling for 22 times earniings with about a 10-12% expected earnings growth.

Regards,

WEM
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