Robert M. Cohen & Company Upgrades Rating of General Bearing Corp.
28 July 1997
Robert M. Cohen & Company Upgrades Rating of General Bearing Corp.; 'Buy' Based on Increased Earnings and Announced General Motors AgreementGREAT NECK, N.Y., July 28 -- Robert M. Cohen & Company announced that it has upgraded its rating of General Bearing Corp. (Nasdaq Small Cap: GNRL) to a "Buy" based on the company's increased earnings due to a shift in production towards higher margin products, expected increased railroad business the second half of the year as well as the commencement of a three year, $54 million agreement with General Motors in the first quarter of 1998. General Bearing manufactures, sources, assembles and distributes a variety of bearing components and products. The company manufactures ball bearings, tapered roller bearings, spherical roller bearings and cylindrical roller bearings. The products are marketed under the Hyatt and The General trademarks. The company's two divisions supply more than 200 Original Equipment Manufacturers (OEMs) in the automobile, railcar, office equipment, machinery and appliance industries, and about 2,000 bearing distributors. Analyst Keith R. Bossey set a 12-month price target of $15 per share. SOURCE Robert M. Cohen & Company