Tag: Industrial

FreightCar America (RAIL) – FreightCar America Lowers its Cost of Capital

Posted on by cpereira@noblefcm.com


Tuesday, January 07, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Redemption of preferred stock. FreightCar America closed a $115 million four-year term loan on December 31, 2024. The loan is priced at the secured overnight financing rate (SOFR) plus 600 basis points. Proceeds from the term loan were used to redeem all 85,412 shares of Series C preferred stock for a total redemption price of $113,274,739, including accrued dividends of $27,862,739. Recall that the dividends accrued at a rate of 17.5% per annum on the initial stated value of the preferred stock.

Lower cost of capital. The completion of the term loan financing, along with the retirement of the Series C preferred stock, enhances the company’s financial flexibility, cash flow profile, and lowers borrowing costs. Most recently, the secured overnight financing rate was ~4.40%.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Kratos Defense & Security (KTOS) – Awarded Largest Contract in Company History

Posted on by cpereira@noblefcm.com


Tuesday, January 07, 2025

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Award. Kratos announced yesterday that it was awarded a five-year OTA contract for the Multi-Service Advanced Capability Hypersonic Test Bed (MACH-TB) 2.0 under Task Area 1. The total value of this award, if all options are exercised over the five-year period, is  $1.45 billion, which would be the largest contract in the Company’s history.

Tasks. Kratos was awarded the prime role in Task Area 1 Systems Engineering, Integration, and Testing (SEIT), to include integrated subscale, full-scale, and air launch services to address the need to affordably increase hypersonic flight test cadence. Kratos will lead a team of subcontractors that will provide systems engineering, assembly, integration, and test (AI&T), mission planning and execution, and launch services.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Graham Corp. (GHM) – Raising Price Target

Posted on by cpereira@noblefcm.com


Tuesday, January 07, 2025

Graham Corporation designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. The Company designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. It is a nuclear code accredited fabrication and specialty machining company. It supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Its equipment is found in applications, such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. For the defense industry, its equipment is used in nuclear propulsion power systems for the United States Navy. The Company’s products are used in a range of industrial process applications in energy markets, including petroleum refining, defense, chemical and petrochemical processing, power generation/alternative energy and other.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Strong Performance. Since the beginning of November, GHM shares have risen from approximately $30 to over $45, exceeding our $45 price target, which we had raised on November 8th. We believe the positive stock performance reflects investors’ increased awareness of Graham’s current operating performance and future potential.

Defense Opportunity. Graham already has a significant billion dollar plus opportunity with the U.S. Navy. The incoming Trump Administration is likely to drive defense spending at an increased pace, potentially targeting areas in which Graham specializes for even faster growth.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

NN, Inc. (NNBR) – New ABL Facility

Posted on by cpereira@noblefcm.com


Monday, January 06, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New Facility. As part of the ongoing strategic transformation, NN entered into a new ABL facility. The new agreement provides NN with a $50 million revolving credit facility, with proceeds used to repay amounts outstanding under the previous ABL. The new agreement eliminates liquidity covenants under the previous ABL. We view the new ABL as a positive.

Improved Terms. The new ABL comes with improved terms, an indicator of the markets growing confidence in NN. The maturity date has been pushed out until December 2029, assuming the term loan is refinanced. The fee structure is lower across the board. And, most significantly, the interest rate should be lower. Based on the current one-month SOFR rate, the interest rate would be approximately 6%, down from approximately 7.2% at the end of September.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Euroseas (ESEA) – Intention to Spin Off Older Vessels into a Separate Company

Posted on by cpereira@noblefcm.com


Monday, January 06, 2025

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Spin-off of older vessels into a new entity. Euroseas announced that it intends to spin off the company’s three older vessels into a separate company, Euroholdings Ltd., which has applied for a listing on the NASDAQ Capital Market. The three unlevered vessels include M/V Aegean Express, M/V Diamantis P, and the M/V Joanna. In exchange for contributing the three vessels, Euroseas will receive 100% of the shares of Euroholdings, which will then be distributed to its shareholders.

Investor conference call. Euroseas does not expect the spin-off to have any impact on its growth strategy or dividend policy and expects to continue modernizing its fleet. Management believes Euroholding’s valuation will be supported by the company’s fleet profile, capital structure, and higher intended dividend distribution policy. Euroseas management will host a conference call and webcast to discuss the spin-off on January 7 at 9:00 a.m. ET.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

AZZ Inc. (AZZ) – Favorable Outlook Through FY 2026; Increasing Estimates

Posted on by cpereira@noblefcm.com


Friday, January 03, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Corporate guidance for fiscal year 2025. Following AZZ’s strong second quarter earnings report for fiscal year 2025, the company maintained its FY 2025 sales guidance range of $1.525 billion to $1.625 billion, lifted the lower end of adjusted EBITDA to a range of $320 million to $360 million, and increased adjusted diluted EPS expectations to a range of $4.70 to $5.10. During the company’s second quarter investor conference call, management indicated that AZZ had experienced a strong start to the third quarter of fiscal year 2025. Moreover, the tone seemed to indicate that the company’s fiscal year 2025 guidance was grounded in conservative assumptions knowing that the latter half of the fiscal year is generally weaker than the first half due to seasonality. 

Updating estimates.We have increased our FY 2025 EBITDA and EPS estimates to $346.8 million and $5.05, respectively, from $344.8 million and $5.00. The revisions are driven mostly by higher third quarter margin expectations. Our estimates for FY 2026 revenue, EBITDA, and EPS have been increased to $1.675 billion, $371.5 million, and $5.70, respectively, from $1.673 billion, $367.4 million, and $5.60. We think the incoming Trump administration could support pro-growth economic policies that could favorably impact AZZ’s business.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Steelcase (SCS) – Reports Third Quarter Results

Posted on by cpereira@noblefcm.com


Friday, December 20, 2024

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

3Q25 Results. Revenue was $794.9 million, up 2.1% y-o-y, with higher revenue from government, large corporate, healthcare, and education customers as the drivers. Organic revenue was up 3%, with Americas up 7% and International off 8%. Gross margin came in at 33.4%, up 100 bp y-o-y. GAAP EPS totaled $0.16 versus $0.26, while adjusted EPS was $0.30 versus $0.29.

Green Shoots. Orders in the first three weeks of 4Q25 grew 15% y-o-y. Internationally, Steelcase is seeing higher project activity levels, with recent wins related to large opportunities with national accounts in France, Germany, and the Middle East. Continuation of such trends would bode well for future performance.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Great Lakes Dredge & Dock (GLDD) – $182 Million of Awarded Work

Posted on by cpereira@noblefcm.com


Friday, December 20, 2024

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Awarded Work. Great Lakes announced an additional $182 million of awarded work across four projects. The new projects were part of the $465 million of low bids and options pending as of the end of the third quarter. The new awards will add to a record backlog of work for 2025 and are likely to keep Great Lakes’ fleet fully engaged during the year. The projects are all for coastal protection.

Projects. Ocean City Beach Renourishment in New Jersey is valued at $73.6 million. This project also includes an additional $41.4 million in open options pending award. This project will start in 1Q25 and is expected to be completed in 3Q25. Myrtle Beach Renourishment in South Carolina is valued at $72.3 million. Work is expected to start in 4Q25 and be completed in 1Q26. Both projects were awarded by the U.S. Army Corps of Engineers.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

The GEO Group (GEO) – An Investment and a Leadership Change

Posted on by cpereira@noblefcm.com


Tuesday, December 17, 2024

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Ramping Up. The GEO Group announced a $70 million investment to expand the Company’s detention capacity, secure transportation, and electronic monitoring services to U.S. Immigration and Customs Enforcement (“ICE”). Already the largest services provider to ICE, GEO is currently providing approximately 21,000 detention beds (with a present census of 14,000) at 16 ICE Processing Centers with the ability to expand to a minimum of 32,000 beds at 23 facilities.

Financing. To help offset the $70 million investment in capital expenditures and further reduce debt, GEO intends to pursue the possible sale of several underperforming company-owned state correctional facilities. Any potential sale of facilities will depend, at least partially, on valuation, but we view this positively.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

The GEO Group (GEO) – NobleCon20 Highlights

Posted on by cpereira@noblefcm.com


Thursday, December 12, 2024

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

NobleCon20. The GEO Group CEO Brian Evans presented at NobleCon20. Highlights included potentially improving segment trends, an aging prison infrastructure, and reducing debt to be more flexible. A rebroadcast is available at https://www.channelchek.com/videos/the-geo-group-noblecon20-replay.

Segment Trends. With the new Trump administration approaching in January, management notes the administration’s immigration enforcement policies may positively impact its detention capacity, electronic monitoring, and secure transportation businesses. GEO remains poised to capitalize on any increase in detention and/or enhanced supervision with roughly 8,000 beds at existing facilities and 10,000 beds at six company-owned currently idle facilities. In addition, ISAP populations were roughly double today’s level two years ago.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

V2X (VVX) – A New JV

Posted on by cpereira@noblefcm.com


Wednesday, December 11, 2024

For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

JV. Yesterday, V2X, Inc. announced a strategic joint venture with Parsons Corporation (NYSE: PSN) in pursuit of the National Science Foundation Antarctica Science and Engineering Support Contract (ASESC) with an $8 billion ceiling value. The newly formed joint venture, named Polar Science Alliance (PSA), is a wholly dedicated entity that will enable world class scientific research support services for the United States Antarctic Program (USAP) over the next two decades.

Strengths. V2X brings over a decade of experience in large-scale polar operations and logistics expertise and was recently awarded the follow-on option for a ten year period supporting the multibillion-dollar U.S. Space Force, Pituffik Space Base in Greenland. V2X boasts decades of expertise in science support services. Parsons has 55 years of successful and proven polar operations experience, beginning in 1970 on the North Slope of Alaska. Parsons’ capabilities span program and construction management, engineering and planning, and logistics.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Great Lakes Dredge & Dock (GLDD) – NobleCon20 Highlights

Posted on by cpereira@noblefcm.com


Wednesday, December 11, 2024

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

NobleCon20. Great Lakes CFO Scott Kornblau presented at NobleCon20. Highlights included the strong dredging market, expanding into the offshore wind market in the U.S., and having a record backlog. A rebroadcast is available at https://www.channelchek.com/videos/great-lakes-dredge-dock-corporation-noblecon20-replay.

Dredging Market. The outlook for the dredging market remains robust, in our view. The Army Corps of Engineers budget in fiscal 2024 was a record $8.7 billion, a record that likely will be surpassed in fiscal 2025 as both the House and Senate appropriations committees submitted proposed fiscal 2025 budgets with Army Corp funding at or above the $10 billion level. We expect Great Lakes’ bid opportunity pipeline to remain strong, leading towards potential backlog and revenue growth.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

NN, Inc. (NNBR) – Presentation Highlights from NobleCon20

Posted on by cpereira@noblefcm.com


Tuesday, December 10, 2024

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

NobleCon20. NN CFO Chris Bohnert presented at NobleCon20. Highlights included tariffs being a benefit to the Company, NN’s transformation plan, and its five-year growth plan. A rebroadcast is available at https://www.channelchek.com/videos/nn-inc-noblecon20-replay.

Tariffs Good for NN? The Trump administration is seeking protection for U.S. based production through the use of tariffs, potentially increasing costs for companies. However, NN has roughly $120 million of tariff-protected U.S.-produced auto parts and does not import from China. For its China operations, the Company produces auto parts in China for use in the local market there. As a result, we believe the Company can protect its margins through not paying tariffs and can potentially have pricing power over parts produced in the U.S. compared to other companies that import.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.