In a report published Monday, D.A. Davidson & Co. downgraded its rating on Rogers Corporation (NYSE: ROG) from Buy to Neutral, but raised its price target from $48.00 to $54.00.

D.A. Davidson noted, “In an 8-K/A filing on 12/21/12, ROG provided some clarity on the charges related to the planned move of the final inspection operations of its indirect wholly owned subsidiary Curamik Electronics GmbH from Eschenbach, Germany to Hungary. The company expects to take a $4.8 million charge related to this move ($3.8 million in severance and $1.0 million of start-up costs). Of the $4.8 million, ROG expects to take approximately $4.0 million of these charges in Q4:CY12 with the remainder recognized through the rest of CY13. Our CQ4 and CY13 estimates now reflect the impact of these charges on GAAP earnings and the expected benefit in operating earnings going forward.” Rogers Corporation closed on Friday at $50.13.