Merriman Curhan Ford Reiterates a 'Buy' on Ballantyne Strong (BTN); Increasing Estimates on Ramping Digital Upgrade Demand and China Projector Shipments
July 6, 2010 7:08 AM EDT
Merriman Curhan Ford reiterates a 'Buy' on Ballantyne Strong, Inc. (NYSE Amex: BTN).
Merriman analyst says, "In our opinion, BTN remains well positioned to benefit from both an underpenetrated theater industry within faster-growing emerging markets as well as the accelerated trend toward digital system upgrades throughout N. America following DCIP financing. While we expect solid digital upgrade trends in 2010, we believe the installation trends will accelerate in a “bell curve” pattern with increasing benefits to 2011/2012. in addition, we consider BTN to be a hiding “China play” through its participation in the significant growth in digital screens expected over the next 3-5 years. We are comfortable using a P/E of 30-33x our FY11 EPS estimate of $0.37 (which is below the two-year average growth rate of 60%+) — yielding upside to $11.00-12.00."
To see all the upgrades/downgrades on shares of BTN, visit our Analyst Ratings page.
Ballantyne Strong, Inc. (Ballantyne), formerly Ballantyne of Omaha, Inc., is a manufacturer, distributor and service provider to the theatre exhibition industry on a worldwide basis.
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