Update: China 3C "buy," target price reduced

Target price may be reduced - but not that much considering the level one could enter the stock now.

03/18/08 - Maxim Group

NEW YORK, March 18 (newratings.com) - Analyst Albert Lee of Maxim Group maintains his "buy" rating on China 3C Group Inc (CHCG), while reducing his estimates for the company. The 12-month target price has been reduced from $7 to $5.

In a research note published this morning, the analyst mentions that the company has posted its EPS and sales for the previous year short of the estimates. China 3C’s guidance for 2008 indicates that the sales momentum in 2H08 would be offset by higher-than-previously-anticipated gross margin pressure, the analyst adds. There is low near-term visibility into the company’s internal unit expansion strategy, Maxim Group says. The EPS estimate for 2008 has been reduced from $0.62 to $0.44.

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