Piper Jaffray Neutral On Apogee Enterprises (APOG)

Piper Jaffray has a Neutral rating and a $14 price target on shares of Apogee Enterprises, Inc. APOG. In a note to clients, Piper Jaffray writes, "Apogee continues to make progress toward an eventual earnings rebound on the other side of a very difficult commercial construction environment. We continue to expect modestly positive EPS during FY12 but have reduced our growth outlook for the year while increasing GM's. We believe GM in the current backlog are incrementally better than those represented in 4Q results, and expect FY13 will represent a marked increase in volume in addition to GM's that reach 20%+. We do remain neutral based on potential under performance in the nearer term until greater visibility of a commercial construction recovery emerges." Shares of APOG gained 22 cents yesterday to close at $13.71, a 1.6% gain.