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.

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