In a report published Thursday, D.A. Davidson analyst Steven Chercover upgraded the rating on Universal Forest Products UFPI from Neutral to Buy, and reiterated the $46.00 price target.
In the report, D.A. Davidson noted, “Concerns about housing recovery [are] overblown. We attribute the recent weakness in UPFI shares to concerns that the housing recovery is not as robust as anticipated and/or that rising interest rates will crimp the rebound. We believe those fears are overblown, particularly in the case of UFPI, whose exposure to residential construction is less than 20% of total revenues. With UPFI shares now 24% below our $46 target, we believe the valuation is attractive and we are raising our rating from Neutral to BUY.”
Universal Forest Products closed on Wednesday at $37.01.
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