KeyBanc Downgrades PGT, Inc. (PGTI) to Sector Weight

KeyBanc downgraded PGT, Inc. (NASDAQ: PGTI) from Overweight to Sector Weight. The change follows the release of Q4 results last week.

Analyst Kenneth R. Zener said, "PGT, Inc.'s (PGTI) 4Q15 results of $0.12 EPS ($0.07 GAAP vs, our $0.11) show 3Q ERP issues have passed, and its FY16 guidance shows rising confidence in its business (EBITDA up ~26% YOY on 10% organic growth, 20% with acquisition); however, despite its robust outlook, we lower our rating to Sector Weight as declining existing sales in Florida put its R&R mix (55% of sales) at risk vs. guidance. We reduced our FY16E EPS to $0.59 from $0.75 on higher SG&A and issue our FY17E EPS of $0.81."

For an analyst ratings summary and ratings history on PGT, Inc. click here. For more ratings news on PGT, Inc. click here.

Shares of PGT, Inc. closed at $9.87 yesterday.

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