KeyBanc Upgrades Armstrong World Industries (AWI) to Overweight
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
- JPMorgan (JPM) Reports Q4 EPS of $1.71
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
KeyBanc upgraded Armstrong World Industries (NYSE: AWI) from Sector Weight to Overweight with a price target of $50. Analyst Kenneth R. Zener sees attractive risk-reward.
"We upgrade AWI to OW ($50 price target equals 10x FY16 EBITDA) as rising North America demand (up 5% YOY in 1H16 vs. ~1% YOY 2H16 guidance) warrants a NT positive stance, as it may be a cyclical inflection point. AWI's latercycle, NA ceiling tile volumes fell ~29% since 2007, and with widespread 1H16 growth, we prefer to be early to the recovery vs. late. FY16 EBITDA guidance was held steady (~$320M vs. our $326M, FY16 GAAP EPS cut 4% to $2.05$2.25 on interest charges), following 2Q16 $0.56 beat to our $0.50 on higher NA's demand," said Zener.
Shares of Armstrong World Industries closed at $43.00 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wells Fargo Upgrades Tiffany & Co. (TIF) to Market Perform; Demand Trends Stabilizing
- Oppenheimer Cuts Price Target on Expedia (EXPE) to $145; Reiterates Outperform
- Jefferies Raises Price Target on Abbott (ABT) to $47; Reiterates Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Upgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!