Universal Forest Products Downgraded by Sterne Agee to Neutral (UFPI)
Universal Forest Products (NASDAQ:UFPI) was downgraded by analysts at Sterne Agee from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, TheFlyOnTheWall.com reports. They currently have a $47.00 price target on the stock, up from their previous price target of $45.00. Sterne Agee’s target price would suggest a potential upside of 0.73% from the stock’s previous close.
The analysts wrote, “We are downgrading UFPI to Neutral from Buy since the shares have risen above our $47 price target on an intraday basis. Our EPS estimates and PT are unchanged. F3Q’s results notwithstanding, we believe UFPI’s current share price fairly reflects our outlook for EBITDA and EPS growth in FY13, FY14, and FY15, and we are moving to a Neutral rating on the shares.”
Universal Forest Products (NASDAQ:UFPI) traded up 1.69% during mid-day trading on Thursday, hitting $47.45. The stock had a trading volume of 222,591 shares. Universal Forest Products has a 52 week low of $32.56 and a 52 week high of $48.76. The stock’s 50-day moving average is $40.8 and its 200-day moving average is $39.70. The company has a market cap of $943.9 million and a P/E ratio of 40.09.
Universal Forest Products (NASDAQ:UFPI) last issued its quarterly earnings data on Thursday, October 17th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.17. The company had revenue of $651.80 million for the quarter, compared to the consensus estimate of $625.77 million. During the same quarter in the previous year, the company posted $0.21 earnings per share. The company’s revenue for the quarter was up 22.2% on a year-over-year basis. Analysts expect that Universal Forest Products will post $1.74 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at DA Davidson upgraded shares of Universal Forest Products from a “neutral” rating to a “buy” rating in a research note to investors on Thursday, September 5th. They now have a $46.00 price target on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Universal Forest Products in a research note to investors on Tuesday, July 23rd. They now have a $43.00 price target on the stock.
Universal Forest Products, Inc is a holding company that provides capital, management and administrative resources to subsidiaries that design, manufacture and market wood and wood-alternative products for retail building home centers and other retailers, structural lumber and other products for the manufactured housing industry, engineered wood components for the residential construction market, and specialty wood packaging and components and packing materials for various industries.
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