UPDATE: Dougherty & Company Downgrades Raven Industries to Neutral

Dougherty & Company lowers its rating on Raven Industries

to Neutral on valuation, but raises its price target to $66 on strong quarter and guidance. Dougherty & Company says, "Raven Industries posted a strong Q412 on Tuesday, helped by expanded capacity in Engineered Films and continued strength in precision agriculture, which benefitted the Applied Technology segment. In fact, revenue beat in every segment and operating margins were higher than we had expected. ...We believe that RAVN shares are just about priced to perfection, having shown 23% appreciation in the past six months. We are raising our price target to $66 from $61, which is based on a 20x multiple on our new FY14 EPS estimate of $3.30." RAVN closed at $63.83 a share on Tuesday.