Zacks Investment Research downgraded shares of Apogee Enterprises Inc. (APOG) from OUTPERFORM to NEUTRAL on March 22, 2013, with a target price of $30.00.
The company's third-quarter fiscal 2013 earnings of $0.28 per share were up 40% from the year-ago quarter. Total revenue improved 9% to $190 million. Both were ahead of the respective Zacks Consensus Estimates. Apogee is focused on increasing its exposure both domestically and internationally as well as introducing new products, which will help top-line growth moving forward. After suffering a string of losses, the architectural segment has returned to profitability and ended the quarter with a strong backlog. Furthermore, recovery in the non-residential construction market bode well for Apogee. However, given the weak performance in the Large-Scale Optical segment and macroeconomic headwinds, we downgrade our recommendation from Outperform to Neutral on Apogee with a target price of $30.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
To get a free copy of the research report on Apogee Enterprises Inc. (APOG),
click here.
For more information about research offerings from Zacks Investment Research, visit
Zacks.com .
Be the first to comment