Voxx shares sharply higher after brokerage rating change
The exterior of Voxx offices at 180 Marcus Blvd. in Hauppauge on Jan. 13, 2015. Credit: Ed Betz
Shares of Voxx International Corp. climbed 15 percent Monday after the maker of audio equipment, and automotive and consumer electronics was raised to a rating of "buy" from "neutral" at Los Angeles brokerage B. Riley & Co.
Stock of Hauppauge-based Voxx added $1.20 to close at $9.21.
Last week, Voxx posted fiscal first quarter net sales of $164.4 million versus $187 million in the year-ago period. It said the impact of the strong dollar and the sale of a distribution business in Mexico accounted for $15 million of the decline.
B. Riley analyst Scott Tilghman set a 12-month price target of $11 on Voxx shares, according to Bloomberg.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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