UPDATE: Stifel Nicolaus Downgrades Pike Electric Corporation to Hold on Valuation
Stifel Nicolaus downgraded Pike Electric Corporation (NYSE: PIKE) from Buy to Hold and removed the price target of $13.00.
Stifel Nicolaus analyst Noelle Dilts commented, "PIKE Electric reported F2Q13 EPS of $0.67 after the close on February 5th, well above our and consensus estimates of $0.25, on the combination of better than expected contribution from Hurricane Sandy and core operations. Since the close of trading on February 5th, Pike has rallied 35.8%, vs a 2.7% increase in the S&P over the same time period. This recent run up has pushed PIKE to what we believe are "full" multiples that exceed the peer group average."
Pike Electric Corporation closed at $14.78 on Monday.
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