DA Davidson raises its rating on Universal Forest Products UFPI to Neutral from Underperform as share prices drop below target price of $34 (which is unchanged).
DA Davidson says, "Universal Forest Products shares have been weak, falling 19.1% since our February 17th update likely due to the unraveling of the seasonal trade in housing related stocks, while the outlook for housing and the company's end markets remain largely unchanged. We are upgrading UFPI from Underperform to NEUTRAL as the shares have fallen below our price target, which remains unchanged at $34 (7.5x 2013 EBITDA). Our 2012 estimate of $1.01 and 2013 estimate of $1.51 also remain intact."
UFPI closed at $30.40 a share yesterday.
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