Oppenheimer Maintains an 'Outperform' on Douglas Dynamics (PLOW); Adjusting Estimates and Price Target

Oppenheimer maintains an 'Outperform' on Douglas Dynamics (NYSE: PLOW), price target lowered by $2 to $16.

Oppenheimer analyst says, "With shares currently trading at 6.5x '12E EBITDA, we believe PLOW presents solid defensive characteristics given its unique end-market cycle (snowfall) and robust 6% dividend yield, which we view as sustainable even through a downturn. Pent-up demand continues to represent a long-term driver on increased customer confidence."

"2011E to $1.00 from $1.10 on a more conservative volume assumption and normalized mix. Our '12E EPS is $1.10 from $1.20. We assume 4% equipment volume growth in '12, but still below LT historical levels."

For more ratings news on Douglas Dynamics click here and for the rating history of Douglas Dynamics click here.

Shares of Douglas Dynamics closed at $14.08 yesterday.

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