UPDATE: Ascendiant Capital Downgrades DXP Enterprises to Neutral as Shares Reflect Current Expectations
In a report published Friday, Ascendiant Capital analyst Christopher Bamman downgraded the rating on DXP Enterprises (NASDAQ: DXPE) from Buy to Neutral, and removed the $71.00 price target.
In the report, Ascendiant Capital noted, “We are lowering our rating on the shares of DXP Enterprises to Neutral from Buy as they have surpassed our price target of $71. DXP Enterprises was recently added to the S&P Small Cap 600 Index, which has contributed to the shares moving higher. Nonetheless, there has been softness within its end markets such as oil & gas and revenue from its Innovative Pumping Solutions segment is volatile. Furthermore, acquisitions have been the primary driver of both top and bottom line growth. Given the softness and uncertain outlook across its end markets, we believe it to be prudent that investors recognize profits.”
DXP Enterprises closed on Thursday at $72.46.
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