Harman International Industries (HAR) NewsBite - HAR Sinks on Downgrade

Posted on Friday, August 15, 2008 11:57 AM

Harman International Industries (NYSE: HAR) opened at $38.09. So far today, the stock has hit a low of $36.70 and a high of $39.33. HAR is now trading at $37.76, down $5.24 (-12.19%). Over the last 52 weeks the stock has ranged from a low of $35.74 to a high of $115.28. HAR shares are trading lower today after an analyst at Robert W. Baird downgraded the stock to Neutral from Overweight, and lowered its price target from $55 to $38. Technical indicators for the stock are neutral and S&P gives HAR a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on HAR the stock seems like it could be a candidate for an October out-of-the-money bear-call credit spread above the 45 range. [ABR-Seven Summits Strategic Investments NewsBite]