Credit Suisse May Have Lost Confidence in Caesarstone (NASDAQ:CSTE), Downgrades Shares

January 23, 2018 - By Maria Brooks

  Credit Suisse May Have Lost Confidence in Caesarstone (NASDAQ:CSTE), Downgrades Shares

Caesarstone (NASDAQ:CSTE) Receives a Downgrade

Credit Suisse decreased shares of Caesarstone (NASDAQ:CSTE) from what was a “Neutral” rating to a “Underperform” rating via a report issued to investors and clients on 22 January. The financial firm now has a $21 target price per share on company. We will have to monitor the stock for any movement following this news.

Caesarstone Ltd. (NASDAQ:CSTE) Ratings Coverage

Among 10 analysts covering Caesarstone Sdot-Yam (NASDAQ:CSTE), 3 have Buy rating, 4 Sell and 3 Hold. Therefore 30% are positive. Caesarstone Sdot-Yam has $67 highest and $14 lowest target. $30.50’s average target is 32.61% above currents $23 stock price. Caesarstone Sdot-Yam had 27 analyst reports since August 6, 2015 according to SRatingsIntel. As per Thursday, February 11, the company rating was downgraded by Barclays Capital. Chardan Capital Markets maintained the shares of CSTE in report on Tuesday, November 7 with “Hold” rating. The firm earned “Strong Sell” rating on Tuesday, October 6 by SprucePoint Capital. Chardan Capital Markets downgraded it to “Neutral” rating and $43 target in Thursday, May 11 report. The company was maintained on Thursday, October 29 by Stifel Nicolaus. Bank of America upgraded the stock to “Buy” rating in Friday, October 16 report. The stock has “Sell” rating by J.P. Morgan on Thursday, November 2. As per Monday, August 24, the company rating was maintained by JP Morgan. The stock of Caesarstone Ltd. (NASDAQ:CSTE) earned “Overweight” rating by Barclays Capital on Tuesday, October 13. The rating was upgraded by Barclays Capital on Monday, August 24 to “Overweight”.

The stock decreased 2.95% or $0.7 during the last trading session, reaching $23. About 637,144 shares traded or 132.63% up from the average. Caesarstone Ltd. (NASDAQ:CSTE) has risen 6.39% since January 23, 2017 and is uptrending. It has underperformed by 10.31% the S&P500.

Analysts await Caesarstone Ltd. (NASDAQ:CSTE) to report earnings on February, 14. They expect $0.28 earnings per share, down 36.36 % or $0.16 from last year’s $0.44 per share. CSTE’s profit will be $9.61 million for 20.54 P/E if the $0.28 EPS becomes a reality. After $0.19 actual earnings per share reported by Caesarstone Ltd. for the previous quarter, Wall Street now forecasts 47.37 % EPS growth.

Caesarstone Ltd., together with its subsidiaries, makes and sells engineered quartz surfaces under the Caesarstone brand in the United States, Australia, Canada, Israel, Europe, and internationally. The company has market cap of $789.80 million. The Company’s engineered quartz slabs are used as countertops in residential kitchens, as well as serve the renovation and remodeling market. It has a 17.77 P/E ratio. The company??s products are also used in other applications, such as vanity tops, wall panels, back splashes, floor tiles, stairs, and other interior surfaces that are used in various residential and non-residential applications.

More important recent Caesarstone Ltd. (NASDAQ:CSTE) news were published by: Streetinsider.com which released: “Form 6-K Caesarstone Ltd. For: Jan 17” on January 17, 2018, also Seekingalpha.com published article titled: “My Love Story With Caesarstone”, Seekingalpha.com published: “Caesarstone: Time To Buy?” on January 04, 2018. More interesting news about Caesarstone Ltd. (NASDAQ:CSTE) was released by: Marketwatch.com and their article: “Caesarstone Ltd.” with publication date: March 22, 2012.

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