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UPDATE: Citigroup Upgrades Armstrong World Industries to Buy on Non-Residential Construction Improvement

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Earnings Scheduled For July 29, 2016

Citigroup upgraded Armstrong World Industries (NYSE: AWI) from Neutral to Buy and raised the price target from $60.00 to $67.00.

Citigroup commented, "We upgrade AWI on: (1) the improving outlook for nonresidential construction; (2) our related increased EPS estimates and target; and (3) we expect sentiment to improve for the name as investors transition from potentially overbought homebuilding/building products stocks with trading multiples ahead of historical norms into less well followed AWI. Our new target is $67 (was $60) based on 8.6x 2014E EBITDA, a multiple consistent with the current forward peer median."

Armstrong World Industries closed at $54.63 on Monday.

Latest Ratings for AWI

DateFirmActionFromTo
Nov 2016Evercore ISI GroupInitiates Coverage OnBuy
Nov 2016ZelmanDowngradesBuyHold
Sep 2016Bank of AmericaInitiates Coverage onUnderperform

View More Analyst Ratings for AWI
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Upgrades Analyst Ratings

 

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