Molex shares soar after 3Q results beat analyst expectations
NEW YORK (AP) - Shares of Molex Inc. soared at midday Wednesday after the electrical parts maker reported a fiscal third-quarter profit that beat Wall Street expectations and drew higher estimates from analysts.
US Stock market rallys on revised Bear Stearns dealMolex shares added $4, or 16.2 percent, to $28.79.
In a note to investors Wednesday, RBC Capital Markets analyst Amit Daryanani raised Molex's price target to $2 to $26 which it has already surpassed after the Lisle, Ill., company posted an adjusted profit of 37 cents per share, beating Wall Street estimates by 2 cents.
Daryanani predicted Molex would sustain expansion in its profit margins in the next quarter, saying its exposure to the commodities market is well hedged.
However, the analyst maintained his "Sector Perform" rating and offered a 2009 profit outlook lower than Wall Street estimates, saying the company's ability to perform in 2009 is still unclear.
Daryanani predicts 2009 earnings of $1.72 per share. Analysts polled by Thomson Financial expect earnings of $1.81 per share in 2009.
In a separate note, William Blair analyst Jeff Rosenberg raised his 2008 outlook for Molex by a penny per share to $1.42 and reiterated his "Outperform" rating. Rosenberg said the stock has room to climb, as recent steps at diversification by and efforts to rebuild its reputation have not been recognized by the stock price.
Analysts polled by Thomson Financial expect 2008 earnings of $1.41 per share, on average
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