For Immediate Release
Chicago, IL – November 14, 2011 – Zacks Equity Research
highlights Macy's, Inc. ( M) as the Bull of the
Day and Tower Group, Inc.'s (TWGP) as the Bear of
the Day. In addition, Zacks Equity Research provides analysis on
Harman International Industries Inc. ( HAR),
Panasonic Corp. ( PC) and Sony
Corp. ( SNE).
Full analysis of all these stocks is available at
http://at.zacks.com/?id=2678.
Here is a synopsis of all five stocks:
Bull of the Day:
Macy's, Inc. ( M) has been taking prudent steps
to increase sales, profitability and cash flows, which include
integration of operations, consolidation of divisions and
customer-centric localization initiatives. To help drive traffic,
Macy s continues to focus on price optimization, inventory
management and merchandise planning.
These help the company to deliver better-than-expected
third-quarter 2011 results. The quarterly earnings of $0.32 per
share beat the Zacks Consensus Estimate of $0.16, and portrayed a
fourfold increase from $0.08 earned in the prior-year quarter.
Following this, management raised its outlook. Macy's now
expects fiscal 2011 earnings between $2.70 and $2.75 per share. The
company hinted that it is also seeking to expand both the Macy's
and Bloomingdale's brands.
Bear of the Day:
Tower Group, Inc.'s (TWGP) third quarter 2011
operating loss came in substantially worse than the Zacks Consensus
Estimate of a loss of $0.17, led by a huge catastrophe charge, but
partly mitigated by higher revenues and a lower share count due to
share buybacks. Low insurance rates in commercial property and
homeowners lines of business will restrict overall premium growth
going forward.
Also, a low interest rate environment will keep a lid on
investment earnings. The quantitative Zacks Rank for Tower Group is
currently #4, indicating a downward directional pressure on the
shares over the near term.
Our six-month target price of $20.00 equates to about 13.6x our
earnings estimate for 2011. We view the $0.75 per share annual
dividend as secure, implying a total negative return of about 8.0%
over that period, which is consistent with our Underperform
recommendation on the shares.
Latest Posts on the Zacks Analyst Blog:
Harman Strengthens Chinese
Presence
Harman International Industries Inc. ( HAR) has
opened a new manufacturing facility in the Dandong region in China.
The launch of the new facility highlights the company’s additional
$100 million investment plan to strengthen manufacturing and
research capabilities in China. Two facilities will be accommodated
in the 460,000-square foot space that is being developed.
The new unit will be used for the development of electronic
components and audio systems for Harman’s automotive customers in
both western and Asian countries.
Harman’s decision to increase investment in China makes sense
since a large chunk of global auto production has now shifted to
the country. Further, demand for audio systems from the Chinese
automakers is also on the rise. Premium automakers, such as Geely
Motors, BYD and Dongfeng Passenger Vehicle are already using
Harman’s superior sound systems.
In China, apart from the Dandong region, Harman has
manufacturing facilities and R&D centers in the cities of
Shanghai, Suzhou and Shenzhen. China is also seeing rapid increase
in infrastructure projects such as airports and rail stations,
hotels, cinemas, entertainment and sporting complexes, performing
arts centers, and mega-projects such as the upcoming Shanghai
Disney theme park. Harman is playing a major role in these
development activities with its premium audio systems for the
professional and consumer sectors.
Given increasing adoption rates in the emerging markets of
Brazil, Russia, India and China, Harman expects to outperform the
overall automotive sector going forward. Harman is doubling its
manufacturing capacity in Hungary, China and Mexico, which will
help the company address the growing demand for Automotive and
Professional products.
Harman boasts a solid product pipeline that is supported by more
than 3500 patents, and the company intends to roll out new
infotainment products in order to further drive sales.
In the recently concluded quarter, Harman’s results were
stellar, driven by double-digit revenue growth in the Infotainment
and Lifestyle divisions. The company expects to deliver impressive
margins for the next two years on the back of robust demand for the
infotainment business.
However, Harman continues to face tough competition from Bose
Corp., Boston Acoustics Inc., Pioneer Corp., Yamaha Corp., Rockford
Corp., Panasonic Corp. ( PC) and Sony
Corp. ( SNE), which may hurt its profitability going
forward.
We maintain our Neutral recommendation on a long-term basis
(6-12 months). Currently, Harman has a Zacks #1 Rank, which implies
a 'Strong Buy' rating on a short-term basis (1-3 months).
Get the full analysis of all these stocks by going to
http://at.zacks.com/?id=2649.
About the Bull and Bear of the Day
Every day, the analysts at Zacks Equity Research select two
stocks that are likely to outperform (Bull) or underperform (Bear)
the markets over the next 3-6 months.
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HARMAN INTL IND (HAR): Free Stock Analysis Report
MACYS INC (M): Free Stock Analysis Report
PANASONIC CORP (PC): Free Stock Analysis Report
SONY CORP ADR (SNE): Free Stock Analysis Report
TOWER GROUP INC (TWGP): Free Stock Analysis Report
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