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NEW YORK - An analyst downgraded shares of Gentex Corp. on Tuesday after the auto parts maker cut its third-quarter revenue guidance due to the weak vehicle market.
| GNTX | 7.19 |  0.47 |
Robert W. Baird & Co.'s David Leiker cut Gentex to "Neutral" from "Outperform." He reduced his price target by $2 to $16, implying he expects the stock to gain 5 percent over its Monday closing price of $15.19.
He attributed the downgrade to the company's lowered revenue guidance. On Monday, the Zeeland, Mich., company predicted third-quarter revenue would fall 5 percent from the year-ago period due to production cuts by auto makers, tumbling auto sales and financial market turmoil.
A wider industry recovery would be needed to drive revenue growth, margins and the stock's valuation back to the upper half of its historical range, Leiker said.
He added the stock would be an "attractive short-term idea" if it falls to $13.
Shares of Gentex have traded between $13.27 and $22.60 in the past 52 weeks. The stock has declined almost 15 percent so far this year.
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