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During the past 20 years, the author has watch China move from being a developing country into an industrial superpower
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|  | JUNE 29, 2005
 WORD ON THE STREET Needham Upgrades CeradyneAnalyst Pierre Maccagno says the technical ceramic products maker received a $75.5 million delivery order for its lightweight ceramic body armorNeedham upgrades technical ceramic products maker Ceradyne Inc. (CRDN ) to strong buy from buy. Yesterday the company said it received a $75.5 million delivery order for its lightweight ceramic body armor. Analyst Pierre Maccagno says Ceradyne is an attractive growth story given revenue growth alongside improving gross margins, and a technological and manufacturing leadership position in a variety of advanced ceramic materials. He says the company also has several key strategic relationships and a large exposure to the military. He raises his $145 million 2005 armor sales estimate to $158 million following the news of his $75.5 million order. Maccagno raises his $1.53 2005 earnings per share to $1.65 and his $2.11 2006 earnings per share to $2.38. He raises his $323.0 million 2005 revenue estimate to $336.1 million, and his $380.6 million 2006 earnings per share to $409.4 million.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc. Get BusinessWeek directly on your desktop with our RSS feeds.  Add BusinessWeek news to your Web site with our headline feed. Click to buy an e-print or reprint of a BusinessWeek or BusinessWeek Online story or video. To subscribe online to BusinessWeek magazine, please click here. Learn more, go to the BusinessWeekOnline home page  | | |
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