TPI Composites Stock Upgraded: What You Need to Know
Every day, Wall Street analysts upgrade some stocks, downgrade others, and "initiate coverage" on a few more. But do these analysts even know what they're talking about? Today, we're taking one high-profile Wall Street pick and putting it under the microscope...
TPI Composites (NASDAQ: TPIC) stock got rocked earlier this month -- down 21% in a day after reporting a sizable earnings beat for fiscal Q2 2019, but disturbing guidance for the rest of this year.
Analysts had expected TPI to post a loss for the quarter, but the company reported an adjusted profit of $0.13 per share instead, alongside a $0.05-per-share GAAP profit. Unfortunately, management undid all the good that news might have done it by proceeding to predict a loss for the year of $0.18 to $0.23 per share, despite forecasting revenue that would be ahead of consensus estimates. Result: TPI stock kept on falling, and is now down a good 30% from its pre-earnings price.
Source Fool.com
