D.A. Davidson Reiterates Neutral, Lowers PT On NCI Building Systems On Adjusted Estimates

In a report published Thursday, D.A. Davidson analyst Brent Thielman reiterated a Neutral rating on

, but lowered the price target from $20.00 to $19.00. In the report, D.A. Davidson noted, "Consistent improvement in Building Systems profitability is notable, improving our confidence in stated targets over the cycle. We remain optimistic regarding non-residential building construction prospects and further recovery in NCI financials. At this stage, we look for progress in reducing debt/leverage ratios, developing indicators of construction activity in lower-rise projects and/or more opportunistic share price levels. We remain NEUTRAL in consideration of these factors and thus are slightly lowering our target to $19 (previously $20), or 12x fiscal 2016 EBITDA." NCI Building Systems closed on Wednesday at $16.89.