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Universal Forest Products (NASDAQ:UFPI) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a report released on Friday, Stock Ratings reports. The firm currently has a $66.00 price objective on the stock. Zacks‘ price target would indicate a potential upside of 20.50% from the company’s current price.

Zacks‘ analyst wrote, “Universal Forest reported earnings per share of $0.40, up from a loss of $0.10 in the year-ago quarter and above the Zacks Consensus Estimate of $0.18. Net sales increased by 11.7% on the back of improvement in housing and construction markets as well as strong industrial activities. Unit sales grew 5%, while selling prices increased 7%. New product sales in 2013 increased 60% year over year to $85 million. Going forward, management anticipates improvement in its top-line growth by adding new customers and products to its portfolio. Also, the company’s focus on expansion through development of industrial business, entry into markets without adding capacities and accretive acquisitions are expected to be a boon. Addition of the SE Panel assets will enable the company to gain easy access to concrete forming and construction industries in the southeastern region of the United States. Considering the above positives, we upgrade our recommendation on Universal Forest from Neutral to Outperform. “

Shares of Universal Forest Products (NASDAQ:UFPI) traded down 0.69% on Friday, hitting $54.39. The stock had a trading volume of 50,062 shares. Universal Forest Products has a one year low of $33.23 and a one year high of $58.32. The stock’s 50-day moving average is $52.16 and its 200-day moving average is $47.32. The company has a market cap of $1.087 billion and a price-to-earnings ratio of 25.47.

Universal Forest Products (NASDAQ:UFPI) last released its earnings data on Thursday, February 13th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.23. The company had revenue of $525.73 million for the quarter, compared to the consensus estimate of $521.68 million. During the same quarter in the previous year, the company posted ($0.10) earnings per share. The company’s revenue for the quarter was up 11.7% on a year-over-year basis. Analysts expect that Universal Forest Products will post $3.20 EPS for the current fiscal year.

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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