In a report published Friday, DA Davidson analyst Brent Thielman maintained a Neutral rating on Encore Wire Corp WIRE, with a price target of $36.
In the report, DA Davidson noted, "Encore reported Q4 earnings of $0.24 per share compared to $0.54 last year. Earnings were below our estimate of $0.45." Thielman added that copper unit volumes rose by 2.4% y/y and that the company appears to be on track with the aluminum plant expansion, which will provide additional capacity in Q2.
"Recovery in Encore's largest end market, non-residential building construction, has experienced fits and starts in recent years. More recently, suppliers serving this market have indicated more activity in public/institutional-related sectors, an area that has been particularly weak. The cadence of a recovery going forward is less clear; stabilization/improvement in this relevant sector, in conjunction with private sector investment, should offer some tailwind in 2015.
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