Mistras Group Downgraded by Bank of America Corp. to Neutral (MG)
Mistras Group (NYSE: MG) was downgraded by equities researchers at Bank of America Corp. from a “buy” rating to a “neutral” rating in a research report issued on Thursday, Analyst Ratings.Net reports. They currently have a $19.00 price objective on the stock, down from their previous price objective of $28.00. Bank of America Corp.’s price target would indicate a potential upside of 8.57% from the stock’s previous close.
The analysts wrote, “We are downgrading MG from Buy to Neutral and lowering our PO from $28 to $19 following its recent FY13 outlook cut ahead of its FY4Q13 earnings release next month. We are cutting our estimates to the low end of the company’s outlook, with FY14/FY15 EPS going from $1.34/$1.59 to $0.71/$0.84. Although Mistras is structurally positioned to benefit from secular growth trends in the testing industry, in our view, a significantly lower rate of earnings growth near-term and operational volatility will contain the company’s valuation multiple.”
Mistras Group (NYSE: MG) traded down 1.77% on Thursday, hitting $17.19. Mistras Group has a 52-week low of $16.76 and a 52-week high of $25.49. The stock’s 50-day moving average is currently $20.27. The company has a market cap of $484.7 million and a price-to-earnings ratio of 21.90.
A number of other firms have also recently commented on MG. Analysts at Robert W. Baird downgraded shares of Mistras Group from an “outperform” rating to a “neutral” rating in a research note to investors on Wednesday, June 26th. They now have a $19.00 price target on the stock. Separately, analysts at Zacks downgraded shares of Mistras Group from a “neutral” rating to an “underperform” rating in a research note to investors on Monday, June 10th. They now have a $20.70 price target on the stock. Finally, analysts at DA Davidson initiated coverage on shares of Mistras Group in a research note to investors on Wednesday, May 29th. They set a “neutral” rating and a $23.00 price target on the stock.
One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. Mistras Group has a consensus rating of “Hold” and a consensus price target of $20.43.
Mistras Group, Inc (NYSE: MG) is a global provider of technology-enabled asset protection solutions used to evaluate the structural integrity of critical energy, industrial and public infrastructure.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.