UPDATE: D.A. Davidson Reiterates Buy Rating, Raises PT on Materion Corp.

In a report published Monday, D.A. Davidson & Co. reiterated its Buy rating on Materion Corp. MTRN, and raised its price target from $26.00 to $34.00. D.A. Davidson noted, “In a 12/20/12 press release MTRN announced its plans to consolidate certain manufacturing operations within its business. While our initial estimates indicated the negative impact from this on CY12 earnings (negative $0.10 per share in Q4:CY12), we believe there will be meaningful positive impact on CY13 earnings. Additionally, while our recent channel checks in the electronics food chain do not indicate expectations of significant growth in CY13, they appear to be meaningfully better than our earlier expectations of no growth.” Materion Corp. closed on Friday at $27.26.