Canaccord Genuity Maintains a 'Buy' on Apogee Enterprises (APOG); August Quarter Shows Improvement, Valuation Near Trough Lows
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Price: $61.64 --0%
Rating Summary:
2 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 9 | Down: 6 | New: 4
Rating Summary:
2 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 9 | Down: 6 | New: 4
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Canaccord Genuity maintains a 'Buy' on Apogee Enterprises (NASDAQ: APOG) price target of $17.00.
Canaccord analyst, Eric Prouty, says, "August quarter results showed sequential improvement, though we conclude any meaningful recovery in Apogee’s business won’t likely be evident until 2012. We continue to find the risk/reward highly attractive here with APOG shares trading near tangible book value."
"The company also forecast that approximately 50% of the backlog (~$116M) would be delivered in the current fiscal year, with the over half being delivered in F2013 (ends Feb. 2013)...Both cash and debt balances remained largely unchanged on a sequential basis. Specifically, cash/short-term investments totaled $45.3M as of Aug. 31 vs. $43M as of May 31. Long-term debt was virtually unchanged at $21.1M vs. $21.3M at the end of the May quarter."
For more ratings news on Apogee Enterprises click here and for the rating history of Apogee Enterprises click here.
Shares of Apogee Enterprises closed at $8.69 yesterday.
Canaccord analyst, Eric Prouty, says, "August quarter results showed sequential improvement, though we conclude any meaningful recovery in Apogee’s business won’t likely be evident until 2012. We continue to find the risk/reward highly attractive here with APOG shares trading near tangible book value."
"The company also forecast that approximately 50% of the backlog (~$116M) would be delivered in the current fiscal year, with the over half being delivered in F2013 (ends Feb. 2013)...Both cash and debt balances remained largely unchanged on a sequential basis. Specifically, cash/short-term investments totaled $45.3M as of Aug. 31 vs. $43M as of May 31. Long-term debt was virtually unchanged at $21.1M vs. $21.3M at the end of the May quarter."
For more ratings news on Apogee Enterprises click here and for the rating history of Apogee Enterprises click here.
Shares of Apogee Enterprises closed at $8.69 yesterday.
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