FBR Capital Upgrades Pike Electric (PIKE) to 'Outperform' on Improving Outlook
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Price: $12.53 --0%
Rating Summary:
4 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 15 | Down: 15 | New: 29
Rating Summary:
4 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 15 | Down: 15 | New: 29
Trade PIKE Now!
FBR Capital upgraded Pike Electric (NYSE: PIKE) from Market Perform to Outperform. PT increased from $10 to $13.
FBR analyst says, "We are raising our rating on PIKE as the company's F2Q11 results suggest portions of the distribution business are recovering off a long bottom, and the company's diversification strategy and focus on full EPC opportunities are starting to pay off. Yesterday, Pike Electric announced F2Q11 results that exceeded our and consensus expectations. The company witnessed positive YOY growth across all of its core powerline businesses including transmission, engineering/substation, and distribution, aided by the acquisition of Klondyke in June 2010. The company paid down $12M of debt during the quarter and is well positioned to grow its business organically and through additional acquisitions. PIKE has done a good job of laying the foundation for growth, while diversifying away from its traditional electric distribution services in the Southeast."
"For CY 2011, we are raising our EPS estimate to $0.04 (from a loss of $0.02). We are introducing our FY 2012 EPS estimate of $0.08 and CY 2012 EPS estimate of $0.10."
For more ratings news on Pike Electric click here and for the rating history of Pike Electric click here.
Shares of Pike Electric closed at $9.52 yesterday, with a 52 week range of $6.66-$11.05.
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FBR analyst says, "We are raising our rating on PIKE as the company's F2Q11 results suggest portions of the distribution business are recovering off a long bottom, and the company's diversification strategy and focus on full EPC opportunities are starting to pay off. Yesterday, Pike Electric announced F2Q11 results that exceeded our and consensus expectations. The company witnessed positive YOY growth across all of its core powerline businesses including transmission, engineering/substation, and distribution, aided by the acquisition of Klondyke in June 2010. The company paid down $12M of debt during the quarter and is well positioned to grow its business organically and through additional acquisitions. PIKE has done a good job of laying the foundation for growth, while diversifying away from its traditional electric distribution services in the Southeast."
"For CY 2011, we are raising our EPS estimate to $0.04 (from a loss of $0.02). We are introducing our FY 2012 EPS estimate of $0.08 and CY 2012 EPS estimate of $0.10."
For more ratings news on Pike Electric click here and for the rating history of Pike Electric click here.
Shares of Pike Electric closed at $9.52 yesterday, with a 52 week range of $6.66-$11.05.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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