UPDATE: D.A. Davidson Upgrades Boise Cascade on Raised FY 2013 Estimate
In a report published Monday, D.A. Davidson analyst Steven Chercover upgraded the rating on Boise Cascade Company (NYSE: BCC) from Neutral to Buy, and reiterated the $30.00 price target.
In the report, D.A. Davidson noted, “We have raised our FY 2013 estimate from $0.77 to $1.15, which reflects the beat and higher expectations for the 2H-13. We expect some level of inventory recovery within BMD in Q3 thanks to firming Plywood prices, accretion from the Wood Resources deal and a diminished share count. The second two factors propel our FY 2014 EPS from $1.75 to $2.10. Risks emanate primarily from commodity fluctuations, a weaker than expected U.S. housing recovery, and a delay in the closing of the Wood Resources LLC acquisition.”
Boise Cascade Company closed on Friday at $23.44.
Latest Ratings for BCC
|Aug 2016||BMO Capital||Downgrades||Outperform||Market Perform|
|Jul 2016||Bank of America||Downgrades||Buy||Neutral|
|Feb 2016||BMO Capital||Upgrades||Market Perform||Outperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.