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Cameron clobbered after Q3 miss, UBS downgrades

  • 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."
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