4/23/2009
NEWS BRIEFS
Anixter Downgraded on Weak Demand
Facing ongoing weak demand in its end markets, fastener supplier Anixter International Inc. was downgraded to “neutral” from “outperform,” the Associated Press reports.
Analyst David J. Manthey of the Robert W. Baird firm said Wall Street estimates are too optimistic for Anixter’s first quarter performance, prompting him to reduce his price target to $37 from $45.
Manthey said he saw “no rebound in sight as Anixter’s business may prove more later cycle than originally thought.”
Potential debt problems at Anixter also reportedly concerned the analyst, whose comments sent company shares lower.
Anixter is expected to release its first quarter results on April 28.
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