D.A. Davidson Downgrades American Italian Pasta (AITP) to Underperform
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D.A. Davidson downgrades American Italian Pasta Company (OTC: AITP) from Neutral to Underperform. The firm has a $5 price target on American Italian Pasta.
The firm believes that shares of American Italian Pasta are becoming expensive as the stock has nearly doubled from its low in mid-March on "mixed news at best." Furthermore, D.A. Davidson sees wheat prices remaining high and volatile, and notes that such prices could continue to damage margins.
D.A. Davidson's $5 price target on American Italian Pasta is based on 16x the firm's FY08 EPS estimate, which is a substantial discount to where it is currently trading at: 28x.
American Italian Pasta Company is primarily a producer and marketer of dry pasta in North America. [BCS]
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