UPDATE: Sterne Agee Downgrades Universal Forest Products as Shares Have Risen Above Price Target
In a report published Friday, Sterne Agee analyst Jay McCanless downgraded the rating on Universal Forest Products (NASDAQ: UFPI) from Buy to Neutral, but reiterated the $47.00 price target.
In the report, Sterne Agee noted, “We are downgrading UFPI to Neutral from Buy since the shares have risen above our $47 price target on an intraday basis. Our EPS estimates and PT are unchanged. F3Q's results notwithstanding, we believe UFPI's current share price fairly reflects our outlook for EBITDA and EPS growth in FY13, FY14, and FY15, and we are moving to a Neutral rating on the shares.”
Universal Forest Products closed on Thursday at $46.66.
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