Harman could benefit from improved car sales-Barron’s

NEW YORK, May 30 (BestGrowthStock) – Audio product maker Harman
International Industries Inc (HAR.N: ) shares could rebound to
the $50 range by 2011 if an expected pick-up in vehicle sales
comes through, business weekly Barron’s reported.

Shares of the Stamford, Connecticut-based company, whose
biggest customers are high-end automakers, are trading at
$32.30 on the New York Stock Exchange. They sank 20 percent in
May when company executives indicated long-term growth could
slow.

In light of the forecast, Harman, whose brands include
Harman Kardon, JBL, Mark Levinson and Infinity, are trading at
a discounted valuation of 10.5 times fiscal 2012 estimated
earnings of $3.13 a share, Barron’s reported in its May 31
edition.

Barron’s, though, said there is reason to be optimistic
about Harman.

Among the company’s biggest customers are BMW,
Mercedes-Benz and Audi, which could see a rebound in vehicle
sales.

Additionally, Barron’s said investors are ignoring Harman’s
healthy balance sheet and that it has more than $10 billion
order backlog for autos.

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(Reporting by Steve Eder; editing by Gunna Dickson)

Harman could benefit from improved car sales-Barron’s