UPDATE: D.A. Davidson Reiterates Buy Rating, Raises PT on Dynamic Materials Corporation Following Recent E&C Conference

In a report published Friday, D.A. Davidson analyst Avinash Kant reiterated a Buy rating on

, and raised the price target from $24.00 to $27.00. In the report, D.A. Davidson noted, “Following comments coming out of D.A. Davidson's recent 12th annual E&C conference, we are optimistic that continued positive momentum in the development of North American oil and gas will drive sustained long-term growth for BOOM. Several of the companies attending the conference are key end market drivers for the Explosion Metalworking business of BOOM, which has contributed 55%-60% of total revenue over the past six quarters. While some E&C companies did point to the potential of some near-term delay in work, many of them have started to see some improvement already. Most of the E&C companies expect a surge in orders in 2014, which could last for five years or more.” Dynamic Materials Corporation closed on Thursday at $23.09.