DA Davidson Downgrades L.B. Foster (FSTR) to Neutral, Cuts Price Target to $22

DA Davidson downgraded shares of L.B. Foster (NASDAQ: FSTR) to a Neutral rating from its previous rating of Buy and cut its price target from $50 to $32.

The company released its Q2 results with revenue increasing 45 percent year-over-year and an EPS of $0.61. Core Foster revenues increased 22 percent year-over-year.

The firm notes, it is unclear on how much of a financial effect Union Pacific's (NYSE: UNP) claim will have on the company, but does state that it raises risk and uncertainty on the shares.

DA Davidson reduced its 2011 EPS estimate from $2.21 to $2.12 and reiterated its 2012 estimate of $3.35. The firm increased its 2011 revenue estimate from $563.1 million to $603.8 million.

For more ratings news on L.B. Foster click here and for the rating history of L.B. Foster click here.

Shares of L.B. Foster closed at $34.04 yesterday.

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