- J.P. Morgan Securities downgraded Axsys Technologies Inc (AXYS), a provider of surveillance and imaging solutions, to "underweight" from "neutral"on valuation.
- "A premium valuation is justified, but we believe the premium is now excessive," analyst Paul Coster said in a note to clients.
- Coster believes that the company's fundamentals are solid and that it is well-positioned for the economic downturn owing to its exposure to diverse U.S. defense and homeland security programs. He, however, said the company may have to invest more in sales and marketing to grow its surveillance solutions product business.
- "Until there's demonstrable pay-off from this investment, and a cyclical tailwind, we are reluctant to chase the valuation multiple up," he added.
- The brokerage, which cut its price target on the stock by $3 to $56, expects Axsys to underperform the mean of the coverage universe in the near term. Axsys develops high-performance surveillance cameras and imaging systems for the aerospace and defense industries.
No position but stalking this one
3 comments:
Under $43 now.
Willy, I am watching this one because I was considering buying at $45 (huge double bottom) It sliced right through it! Someone wants to get out.
Chart is broken now - it might be headed to $34. Can't touch it - falling knife.
ok, thanks Mark.
BTW, I have been watching QCOR based on its chart. Bought some for a trade in the mid 6's. Might be something you want to trade around. I am not a chart expert by any stretch, but this one seems fairly consistent (until its isnt, as you would say). Dips below the 50 day MA, pops back above the 20 day MA.
Thx for blog, I have learned a lot from you.
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