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Modest Gains, but Beware the Bear


Q: Your opinion, please, on Vishay Intertechnology (VSH )? It dropped a lot recently.

A: S&P downgraded the shares of Vishay to hold from buy this morning, as their second-quarter earnings report was in line with our expectations, but the lower backlog reported from Asia and Europe was disappointing. Our downgrade reflects concern over low second-quarter earnings momentum, flat orders we see for the third quarter, and risks of a backloaded year if momentum is slack until the fourth quarter. We lowered our 12-month target price to $15 from $29 to align it more appropriately (at a modest discount) to its peers.


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