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Prudential Upgrades Gentex to 'Buy'

Prudential upgraded Gentex (GNTX) to buy from hold.

Analyst Michael Bruynesteyn likes Gentex, which makes automatic rearview mirrors and fire-protection products. He upgraded on an expected positive news flow, and the revised estimate. He says dividend proposals will be presented at the August board meeting, and action is likely before the end of November. Bruynesteyn notes new program announcements have been slow so far this year, but more are likely on the way. He expects greater penetration on key programs like F-150.

Bruynesteyn says 2003 shipments are likely to rise due to the potential increase in a JD Power production forecast; a SmartBeam test drive in November also is likely to yield glowing reviews. He sees $1.32 2003 earnings per share. Bruynesteyn upped the $1.53 2004 earnings per share to $1.63, and upped the $35 target to $40.

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