- Cameron International (CAM) plunged more than 14% today after reporting disappointing Q3 earnings, telling investors to brace for more bad news in Q4, and announcing a $1B share buyback program when most analysts expected a program of more than $1.5B.
- UBS downgrades the stock to Neutral from Buy and lowers its price target to $55 from $71, citing uncertainty surrounding Q4 expectations and a lack of reassurance from today's conference call.
- "There's still too much near-term [earnings] uncertainty to justify entering into the stock today," UBS says. "Longer term (2-3 years out), we believe Cameron is still a solid story."
Cameron clobbered after Q3 miss, UBS downgrades
Oct 24 2013, 18:29 ET