NEW YORK, Dec. 18, 2002 (PRIMEZONE) -- Investrend analyst James P.W. Darcel, CFA has reiterated a "Buy" rating on Charles & Colvard (Nasdaq:CTHR), and has increased its 12-month price target to $9.
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"Using diluted shares o/s, my estimated present value of Charles & Colvard common stock is $8.02 per share. If Q4 2002 and FY03 C&C financial reports are consistent with my forecasts, in 1 year, using diluted shares outstanding, CTHR's estimated value will be approximately $9," said Darcel.
"Charles & Colvard has international patent protection to create jewelry using Moissanite, a silicon carbide crystal manufactured by Cree, Inc. (Nasdaq:CREE). The company is delivering cost management and sales growth in line with its CEO's goal of $300 million annual sales (my forecast is this will be achieved in 2014).
"Q4 2002 sales are estimated at $5,600,000 for Q4, which would result in total FY2002 sales of $17 million, approximately 50% higher than FY2001," he concluded.
James P.W. Darcel, CFA, is a member of the Association for Investment Management Research (AIMR) and the Winnipeg Society of Financial Analysts (WSFA). He has experience in valuation and investment in emerging technologies, stocks, and portfolios.
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