Davenport Cuts Price Target on Texas Industries (TXI) to $66
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Davenport lowers its price target on Texas Industries (NYSE: TXI) from $75 to $66 and maintains a Buy rating.
The firm said it lower its earnings estimates on Texas Industries, which in turn lead to a lower price target, due to numerous energy-related concerns. Davenport reduced its Q4 and FY09 EPS estimates from $1.03 and $5.00 to $0.65 and $4.19, respectively. The Street estimates on Texas Industries are currently $0.82 for Q4 and $4.53 for FY09.
Although the firm lowered its estimates on the company, it also believes that the recent sell-off (shares are down about 35% from recent highs set at the beginning of May) has been an overreaction by the market. Davenport's new price target is based on 8.3x the firm's FY09 EBITDA estimate of $260.2 million.
Texas Industries, Inc., together with its subsidiaries, engages in the supply of heavy building materials in the United States.
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