DA Davidson Upgrades Universal Forest Products (UFPI) to 'Neutral' After Recent Retreat on Market Volatility

DA Davidson upgraded Universal Forest Products (NASDAQ: UFPI) from Underperform to Neutral with a price target of $27.00.

DA analyst says, "We are upgrading Universal Forest Products as the shares have declined approximately 17% since our Q2 update on July 15th and are now more aligned with our $27 price target (unchanged). We believe the shares have been under pressure along with the general market due to the cooling economy, which has translated into slower domestic manufacturing growth and by extension, an even longer drawn-out housing recovery than previously expected."

"We view UFPI as the best of breed and as a survivor in the long term and would be looking to establish positions as the shares approach their tangible book value of $21 per share."

For more ratings news on Universal Forest Products click here and for the rating history of Universal Forest Products click here.

Shares of Universal Forest Products closed at $25.10 yesterday.

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