Credit Suisse Reinstates Ply Gem Holdings (PGEM) at Neutral

Credit Suisse reinstated coverage on Ply Gem Holdings (NYSE: PGEM) with a Neutral rating and a price target of $10.50. Analyst Michael Dahl sees near-term challenges.

"We are reinstating coverage of PGEM with a Neutral rating post the Simonton acq. close. We view the deal as a longer term strategic positive as it helps to broaden the company’s window footprint and establish a stronger position in the R&R channel, as well as providing opportunities to better optimize manufacturing/overhead. However, PGEM also paid a full price (10x EBITDA), the deal is EPS dilutive through '16, and we expect housing will remain sluggish and choppy in the near-term," he said.

For an analyst ratings summary and ratings history on Ply Gem Holdings click here. For more ratings news on Ply Gem Holdings click here.

Shares of Ply Gem Holdings closed at $10.63 yesterday.

You May Also Be Interested In

• Merck (MRK) PT Raised to $143 at Truist Securities
• CLSA Downgrades Syngene International Ltd (SYNG:IN) to Sell (5)
• Keurig Dr Pepper (KDP) PT Raised to $39 at Jefferies