UPDATE: Stifel Nicolaus Upgrades L.B. Foster Following 2Q13 Net Income Report

In a report published Wednesday, Stifel Nicolaus analyst Michael Baudendistel upgraded L.B. Foster FSTR from Hold to Buy, and named a $49.00 price target.

In the report, Stifel Nicolaus noted, “L.B. Foster reported 2Q13 net income of $7.3 million, or diluted EPS from continuing operations of $0.71. The Street average estimate had been $0.97 and our estimate was $0.98 (our 2Q13 net income estimate was 10.1 million). The negative variance between the reported results and our model was concentrated in the company's Rail segment revenue, which declined 10% y/y.”

L.B. Foster closed on Tuesday at $40.69.