DA Davidson Upgrades Powell Industries (POWL) to Buy, Target to $42

DA Davidson's Brent Thielman upgraded shares of Powell Industries (NASDAQ: POWL) from Neutral to Buy in a mid-day research note Wednesday. The revised investment rating follows a first-quarter miss and weak FY12 guidance from the company Tuesday evening.

Thielman said, "We now believe a higher multiple is appropriate due to more clarity regarding the completion of problem projects in Canada, the affirmation of a solid pipeline of opportunities in the oil & gas sector as well as recent improvement in quotation activity in other end markets."

The DA Davidson analyst boosted his price target from $35 to $42.

With shares of Powell last trading down more than 10 percent to $34.31, DA Davidson's new price target represents potential upside of about 22 percent.

For an analyst ratings summary and ratings history on Powell Industries click here. For more ratings news on Powell Industries click here.

---

Discover Wall Street's best ratings calls with the pros - Upgrade to Ratings Insider Elite. Free Trial!

You May Also Be Interested In

• UPDATE: Williams Financial Group Upgrades Semtech Corp. (SMTC) to Buy; Check Again...Quarter Was Fairly Strong
• UPDATE: NetApp, Inc. (NTAP) Tops Q4 EPS by 3c; Guides Q1 Lower
• UPDATE: Nomura Securities Upgrades Central European Distribution (CEDC) to Neutral; Strategic Alliance with Russian Standard

Create E-mail Alert Related Categories

Upgrades

Related Entities

D.A. Davidson, Earnings

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?

Follow StreetInsider.com On Twitter