Jesup & Lamont Starts Apogee Enterprises (APOG) at Buy
APOG Hot Sheet
Rating Summary:3 Buy, 0 Hold, 0 Sell
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Up: 16 | Down: 7 | New: 23
Jesup & Lamont initiates coverage on Apogee Enterprises (Nasdaq: APOG) with a Buy rating and $24.50 price target.
The firm highlighted: environmental pressures from many quarters suggest long-term market growth, government initiatives will reinforce market growth, backlogs should remain hefty, and despite the woes in the housing market, commercial construction has remained resilient.
The firm said, "Although we anticipate that revenues and earnings growth will slow in 2009 and 2010, our calculations nonetheless unveil a stock that, in our opinion, is undervalued."
Apogee Enterprises, through its Viracon Group, is the largest, U.S.-based designer and manufacturer of commercial construction glass fabrication. The company also provides a full range of design, engineering, installation, fabrication and renovation services that primarily deal with the outside skin of commercial and institutional buildings. [LJ]
The firm highlighted: environmental pressures from many quarters suggest long-term market growth, government initiatives will reinforce market growth, backlogs should remain hefty, and despite the woes in the housing market, commercial construction has remained resilient.
The firm said, "Although we anticipate that revenues and earnings growth will slow in 2009 and 2010, our calculations nonetheless unveil a stock that, in our opinion, is undervalued."
Apogee Enterprises, through its Viracon Group, is the largest, U.S.-based designer and manufacturer of commercial construction glass fabrication. The company also provides a full range of design, engineering, installation, fabrication and renovation services that primarily deal with the outside skin of commercial and institutional buildings. [LJ]
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