UPDATE: Sterne Agee Downgrades Astec Industries to Neutral Following Share Run

Sterne Agee downgraded Astec Industries ASTE from Buy to Neutral. Sterne Agee said, "We are downgrading the shares of Astec from Buy to Neutral. The stock has had a nice run, but we haven't seen sufficient improvement in the company's end markets to justify increasing our estimates or target. … ASTE's shares are up 26% since the company's 3Q report on October 26 (vs. a 6% gain in the S&P 500) and now trade at 15x our FY2014 EPS estimate. The company's long-term average forward P/E is 17x, and applying that multiple to our 2014 estimate would result in a $39 target, not enough upside from current levels to justify a Buy rating, in our view." Astec Industries closed at $35.32 on Monday.