Maytag stock up on analyst’s comments

Maytag stock up on analyst’s comments
 
Date April 14, 2005
Section(s) Local News
   
 
DES MOINES (Dow Jones/AP) — Shares of Maytag Corp. pulled out of a slump Wednesday after Prudential Equity Group said the company may get a loan, and slash its dividend.

“We believe the prospect for securing new cash, possibly structured as a secured loan, may be rising,” analyst Nick Heymann wrote. He said any new loan could help restructure $412 million in debt due in 2006.

Prudential’s Heymann added that the cash will likely be used to close two or more North American plants.

Heymann said he continues to believe the company’s long-term prospects are “extremely dire,” given immense debt and high costs. He repeated his “underweight” rating and $10 target price on the stock.

Shares of Maytag rose to a high of $15.49 in afternoon trading on the New York Stock Exchange.

However, the stock dropped after another analyst, Laura Champine of Morgan Keegan, called any speculation on an infusion of Asian source financing “dubious.”

The stock closed up 62 cents at $14.85. In trading this morning, the stock was off 35 cents at $14.50.

On a 52-week basis, there was a low of $13.30 on March 29 and a high of $31.88 last April 13.

Maytag is scheduled to release first quarter results April 22.

-Local Forecast-

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