UPDATE: DA Davidson Downgrades Boise Cascade Company (BCC) to Neutral
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DA Davidson analyst Kurt Yinger downgraded Boise Cascade Company (NYSE: BCC) from Buy to Neutral with a price target of $62 (from $57).
The analyst commented, "We are downgrading shares of Boise Cascade from Buy to NEUTRAL after a strong run in the name since our February 24th upgrade (+41% vs S&P 500 +6%). Upside potential for estimates remains with commodity prices continuing to push higher and elevated supplemental dividends are expected; however, we believe it's unlikely we see additional multiple expansion on top of what we view as unsustainable price levels / near-term earnings power, and view the company as particularly exposed to a potential correction in prices via its distribution business. With this note we have updated our forecasts and are raising our PT to $62 (from $57)."
Shares of Boise Cascade Company closed at $64.53 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
Related EntitiesD.A. Davidson, Standard & Poor's, Earnings
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