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Benzinga
Benzinga
Business
Akanksha Bakshi

KeyBanc Downgrades This Diversified Industrial Company

Asia Europe IHS Russia
  • NN Inc (NASDAQ:NNBR) was downgraded to Sector Weight from Overweight by KeyBanc analyst Steve Barger without a price target.
  • Barger takes a conservative approach to the NNBR's industrial and semicap equipment coverage, citing ongoing uncertainty around the Russia-Ukraine conflict, persisting inflationary surges in commodity and energy costs, and the COVID resurgence in Asia.
  • The analyst believes challenges will continue in 1H22, amidst IHS again reducing its global auto production forecast and concerns around Europe activity levels and inflation-driven gross margin pressure.
  • Price Action: NNBR shares are trading lower by 4.22% at $2.95 on the last check Friday.
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