UPDATE: D.A. Davidson Downgrades Powell Industries to Underperform, Lowers PT as Growth Prospects are Less Clear

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In a report published Monday, D.A. Davidson analyst Brent Thielman downgraded the rating on
Powell IndustriesPOWL
from Neutral to Underperform, and lowered the price target from $45.00 to $43.00. In the report, D.A. Davidson noted, “Recent stock appreciation. Powell's shares are up 8% since earnings were reported on December 4th (~20% since the beginning of December). Earnings were better than expected, though they followed reduced expectations/guidance on September 25th, and a share repurchase program was recently announced, which was positively received. The shares have struggled throughout 2014 (even ahead of rapidly declining oil prices) due to internal operational challenges. Share performance has recently improved despite an increasingly cloudy spending environment among its core oil & gas customer base.” Powell Industries closed on Friday at $47.95.
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Posted In: Analyst ColorDowngradesAnalyst RatingsBrent ThielmanD.A. Davidson
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