UPDATE: D.A. Davidson Reiterates Buy Rating, Lowers PT on Dynamic Materials
In a report published Wednesday, D.A. Davidson & Co. reiterated its Buy rating on Dynamic Materials Corporation (NASDAQ: BOOM), but lowered its price target from $21.00 to $18.00.
D.A. Davidson noted, “We believe the key oil & gas, petrochemical and aluminum smelting markets for BOOM will drive long-term growth, despite some recent slowdown. There is significant earnings leverage in BOOM's model. Based on expectations of 22% year-over-year growth in earnings, we are applying a 17x multiple to our CY13 EPS estimate of $1.05 to arrive at our $18 price target (previously $21). We maintain our BUY rating on the stock.”
Dynamic Materials Corporation closed on Tuesday at $13.05.
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