Zacks Investment Research upgraded shares of Raven Industries Inc. (RAVN) from UNDERPERFORM to NEUTRAL on May 16, 2013, with a target price of $37.00.
Raven posted record sales of $406 million and earnings per share of $1.44 in fiscal 2013. It was helped by robust demand for Applied Technology products and increased demand in Engineered Films' geomembrane and agriculture markets. Going forward, Raven will benefit from its acquisition of Vista Research. Raven expects to return to historic earnings growth levels in fiscal 2014 driven by benefits from investments made over the last few years, new product developments and expansion. However, first quarter results will be affected by lack of aerostat orders in the Aerostar segment, and a challenging environment and a tough year-over-year comparison for the Engineered Films segment. Margins will also be under pressure due to Raven's stepped up investments in new initiatives and product development We upgrade our recommendation from Underperform to Neutral on Raven Industries with a target price of $37.
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