Gentex "overweight," estimates reduced

04/05/05 - Prudential Financial

NEW YORK, April 5 (newratings.com) - Analyst Michael Bruynesteyn of Prudential Financial reiterates his "overweight" rating on Gentex Corporation (GNTX), while reducing his estimates for the company. The target price is set to $38.00.

In a research note published yesterday, the analyst mentions that the company has announced a 100% stock dividend, which is to be issued on May 6. Gentex has avoided a $5 million option expense in 2H05 through the accelerated vesting of its under-water stock options, the analyst says. The EPS estimates for FY05 and FY06 have been reduced from $1.50 to $1.48 and from $1.80 to $1.76, respectively.