Piper Jaffray Maintains Neutral on Apogee Enterprises

Piper Jaffray is out with its report today on Apogee Enterprises APOG, maintaining Neutral. In a note to clients, Piper Jaffray writes, "We believe the recently announced initiative by the American Association of Architects to create and publish a list of projects that have stalled due to lack of funding could prove to be a positive catalyst and at a minimum shed increased light on the diverse type of projects waiting to move forward. We believe this initiative is likely to bring new money into play, albeit slowly at first, but could be significant enough to get a meaningful number of projects moving. While we have not seen the list, we believe Apogee remains well positioned to benefit from any positive movement in stalled projects." Piper Jaffray maintains a $14 PT on APOG. Shares of APOG closed Monday at $12.36, down 0.08% from Friday's close.