Canaccord Genuity Updates Buy Recommendation for Martinrea International - Video Posted on InvestmentPitch.com
Tuesday, May 07, 2013
Canaccord Genuity Updates Buy Recommendation for Martinrea International - Video Posted on InvestmentPitch.com10:42 EDT Tuesday, May 07, 2013
Vancouver, British Columbia--(Newsfile Corp. - May 7, 2013) - Canaccord Genuity has updated coverage on Martinrea International (TSX: MRE). Following the release of results for the first quarter ended March 31, 2013, analyst David Tyerman reiterated his buy recommendation, increasing his target price to $12.00, a premium of 42% over the $8.43 price the day the report was issued.
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Martinrea, a leader in the production of quality metal parts, assemblies and modules and fluid management systems focused primarily on the automotive sector, employs more than 12,000 people in Canada, the United States, Mexico, Brazil, Europe and China. Customers include Ford, General Motors, Chrysler, Jaquar Landrover, Nissan, VW and BMW.
The company reported consolidated revenues of $769 million, an increase of 4.5% over the first quarter of 2012. Results improved sequentially as launch facilities improved and European restructuring efforts bore fruit.
Rob Wildeboer, Executive Chairman, stated, "The 2013 financial year is off to a solid start, and we believe it will be a record year for revenues and earnings for us. Our second quarter is expected to generate record revenues (excluding tooling revenues) in the range of $750 to $770 million, and we believe our earnings per share will be in the range of 30 to 34 cents per share, an upward trend from our first quarter and a record quarter for us from an earnings perspective."
Analyst David Tyerman stated, "We continue to recommend buying Marinrea for superior share price appreciation potential from very strong earnings per share growth. We continue to project 51% EPS growth from 2012 to 2014E, powered by organic growth and especially related margin expansion."
Martinrea trades at $9.10, and with 84 million shares outstanding, is capitalized at $764 million.
For more information about Canaccord Genuity or to obtain a copy of their research report, contact your nearest Canaccord Genuity office. Their branches are listed on their website at www.canaccord.com .
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Barry Morgan, CFO