Universal Electronics gets jolt from 2019 guidance hike

Universal Electronics

09/11/2018 16:33

** Shares of Universal Electronics Inc  UEIC.O  shot up 29
pct early Fri following Q3 earnings results
    ** That said, the stock has since pared gains, last up just
10.7 pct at $35.05 
    ** On Oct 8, UEIC posted Q3 adj EPS of 69 cents, inline with
expectations, and raised 2019 estimates  urn:newsml:reuters.com:*:nBw3rNmfha
    ** B Riley FBR raises rating to "buy" from "neutral"
    ** Lead B Riley analyst Jeff Van Sinderen says co's evolving
supply chain could reduce the 40 pct of production of U.S.-bound
units currently subject to tariffs
    ** UEIC has won TV OEM deals with Samsung Electronics
 005930.KS  and Sony Corp  6758.T  in 2019, with more OEM deals
in 2019 pipeline
    ** Even with today's gain, UEIC has dropped ~33 pct so far
this year

 (Reporting by Stephen Culp)
 ((stephen.culp@thomsonreuters.com; 646-223-6076;)