DA Davidson Starts Powell Industries (POWL) at Neutral
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DA Davidson initiates coverage on Powell Industries (Nasdaq: POWL) with a Neutral rating and a $55 price target.
The firm seems positive on Powell's fundamentals, but notes that shares have risen too far for it to start coverage with a Buy. DA Davidson points out Powell's double over the last two years, and, more recently, a 30% surge after the company released positive earnings results in the second week of May.
DA Davidson says that it is concerned with "rapid increases in raw material costs, timing of new spending in domestic electric power infrastructure and U.S. economic uncertainty in the near-term." Also, the firm notes that it believes Powell's current historical multiple premium to its peer group is warranted, "given the compelling long-term end market prospects."
Powell Industries, Inc. engages in the development, design, manufacture, and servicing of equipment and systems for the management and control of electrical energy and other critical processes worldwide.
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