UPDATE: Credit Suisse Downgrades Douglas Dynamics to Neutral on Demand Headwinds
Credit Suisse downgraded Douglas Dynamics (NYSE: PLOW) from Outperform to Neutral and lowered the price target from $15.00 to $14.00.
Credit Suisse said, "Our downgrade is based on a longer than expected time frame for the company to capture "pent-up demand" from its customer base combined with potential impact from another below average year of snowfall. Although we view the dividend as safe, we believe dividend growth will likely be low given anemic EBITDA growth. Although snowfall is tough to predict, we see limited share price appreciation unless snowfall is at above-average levels."
Douglas Dynamics closed at $13.04 on Wednesday.
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