Provident Equity Raises Price Target to $21.80
PR Newswire - January 07, 2004 10:07
Analyst Reiterates Buy Rating; Expects 20% Revenue Growth in 2004 to $480.1 Million, with Net Income of $18.3 Million or $0.99 per Share
PHOENIX, Jan 07, 2004 /PRNewswire via COMTEX/ -- Provident Equity today announced it has raised its priced target on Qiao Xing Universal Telephone Inc. (Nasdaq: XING) to $21.80 from $18.00 based on favorable market trends in China, the Company's increasing leadership in fixed line phones, and strong sales of XING's mobile handsets and newer models being introduced. Based on additional research, analyst Jim Gentrup, CFA, also reiterated his Buy rating.
In a research note to clients, Gentrup noted total revenues could reach $400 million for 2003, with an estimated gross margin of 14.8%, and net income of $12.5 million or $0.68/share. For 2004, modeling for an additional 20% revenue increase yields $480.1 million and net income of $18.3 million or $0.99/share.
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