Dougherty & Co Downgrades Raven Industries (RAVN) to Neutral; Valuation Call

March 14, 2012 10:09 AM EDT
Get Alerts RAVN Hot Sheet
Price: $23.90 +0.21%

Rating Summary:
    1 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Dougherty & Co downgraded Raven Industries (NASDAQ: RAVN) from Buy to Neutral with a price target raised from $61 to $66.

Dougherty analyst said, "RAVN posted a strong Q412 on Tuesday, helped by expanded capacity in Engineered Films and continued strength in precision agriculture, which benefitted the Applied Technology segment. In fact, revenue beat in every segment and operating margins were higher than we had expected...We believe that RAVN shares are just about priced to perfection, having shown 23% appreciation in the past six months."

"We would add to positions on any pull-back, but are downgrading to Neutral on valuation. We note that RAVN shares tend to command a higher-than-growth multiple because of the company’s pricing power, solid management team, strong balance sheet with zero debt and consistent record of raising its dividend. (The current dividend yield is 1.3%)."

For an analyst ratings summary and ratings history on Raven Industries click here. For more ratings news on Raven Industries click here.

Shares of Raven Industries closed at $63.83 yesterday.

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