Gentex Corporation (GNTX) shares plummeted 5.05% in Monday's intraday trading session, following the company's disappointing full-year earnings report and subsequent analyst price target cuts.
The auto-dimming mirror manufacturer missed Wall Street's earnings and revenue estimates for its latest fiscal year, reporting revenues of $2.3 billion and earnings per share of $1.76, falling short by 2.5% and 5.7% respectively.
In response, several analysts lowered their price targets on Gentex. Baird cut its target to $31 from $35, JPMorgan to $32 from $34, and B. Riley to $32.50 from $37, while maintaining their ratings on the stock. The analysts cited the earnings miss and potential headwinds as reasons for the target reductions.
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