Piper Jaffray Reiterates an Underweight on Apogee Enterprises (APOG); Mgmt Execution Good, But Sees Late Cycle Turnaround
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Piper Jaffray & Co. reiterates an Underweight on Apogee Enterprises (Nasdaq: APOG). Raises its price target from $10 to $11.
Piper analyst says, "We are reiterating our Underweight rating on APOG shares as we continue to expect sales and profits to contract through FY11 as the late cycle nature of this company is impacted by the prolonged downturn in nonresidential construction...We believe a re-test of prior trough margin levels in the Architectural segment remains a possibility, which is reflected in our $0.60 EPS estimate
for FY11."
"Management's execution through this downturn has been very good – with cost reductions and efficiency improvements - and eventually the market will recover and APOG will be well-positioned. From a stock perspective, we will look for early signs of improving market conditions before turning more positive on the stock."
To see more analyst ratings on APOG Click Here.
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