Piper Jaffray Upgrades Apogee Enterprises (APOG) to Neutral
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Piper Jaffray & Co. upgrades Apogee Enterprises, Inc. (Nasdaq: APOG) from Sell to Neutral. Price target lowered from $14 to $11.
Piper analyst says, "While the fundamental outlook remains highly uncertain, we believe this outlook is largely reflected in APOG at current levels. We are lowering our price target to $11 which is based on 0.3x FY10 sales, in line with the average P/S multiple leading up to and during the last nonresidential construction downturn (2000-03). We are changing our valuation methodology to price/sales in light of increased earnings uncertainty."
Apogee Enterprises, Inc. through its subsidiaries, is engaged in the design and development of glass products, services and systems.
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