FARO Technologies Downgraded to “Underperform” at Zacks (FARO)

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FARO Technologies (NASDAQ: FARO) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Tuesday, StockRatingsNetwork.com reports. They currently have a $35.80 price objective on the stock. Zacks‘ price objective points to a potential downside of 4.91% from the stock’s previous close.

Shares of FARO Technologies (NASDAQ: FARO) traded down 2.74% during mid-day trading on Tuesday, hitting $36.62. FARO Technologies has a one year low of $31.10 and a one year high of $57.93. The stock’s 50-day moving average is currently $41.49. The company has a market cap of $625.9 million and a P/E ratio of 30.86.

FARO Technologies (NASDAQ: FARO) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.27 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.30 by $0.03. The company had revenue of $65.40 million for the quarter, compared to the consensus estimate of $67.61 million. During the same quarter in the previous year, the company posted $0.39 earnings per share. The company’s revenue for the quarter was up .3% on a year-over-year basis. Analysts expect that FARO Technologies will post $1.44 EPS for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Gabelli initiated coverage on shares of FARO Technologies in a research note to investors on Friday. They set a “hold” rating and a $39.00 price target on the stock. Analysts at Needham & Company raised their price target on shares of FARO Technologies from $40.00 to $48.00 in a research note to investors on Friday, May 3rd. They now have a “buy” rating on the stock.

One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $40.16.

FARO Technologies, Inc. designs, develops, manufactures, markets and supports portable, software driven, three-dimensional (NASDAQ: FARO) measurement and imaging systems used in a range of manufacturing, industrial, building construction and forensic applications.

To view Zacks’ full report, visit www.zacks.com

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