UPDATE: Topeka Capital Markets Upgrades Dynamic Materials to Buy on Valuation, Outlook
Topeka Capital Markets upgraded Dynamic Materials Corporation (NASDAQ: BOOM) from Hold to Buy and raised its price target to $20.00.
Topeka Capital Markets said, "We recently attended a BOOM analyst event where we spent a considerable amount of time with the management. While 2013 will likely be focused on operational execution, we gained further confidence in the team's strategic initiatives and insight into some of the longer-term objectives. We are lowering our 2012/2013 estimates to reflect broader economic uncertainty in the 4Q and 1H13, and acknowledge the Company is not immune to near-term earnings risks. However, we believe BOOM is positioned for a strong 2H13 and 2014 and we are increasing our price target to $20 to incorporate our newly initiated 2014 estimates."
Dynamic Materials closed at $15.32 on Friday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.