UPDATE: Ascendiant Capital Markets Downgrades DXP Enterprises to Neutral Following Better-Than-Expected 3Q13 Results

In a report published Friday, Ascendiant Capital Markets analyst Christopher Bamman downgraded the rating on

from Buy to Neutral. In the report, Ascendiant Capital Markets noted, “Strong price movement prompts rating change to Neutral from Buy. The shares of DXP Enterprises have increased about 15% following the release of better than expected 3Q13 results on October 30, 2013. Given the strong price movement and the shares trading at our target multiple of 20.0x our 2014 EPS estimate of $4.76, we believe the shares are fairly valued and reflect current expectations.” DXP Enterprises closed on Thursday at $95.60.