UPDATE: DA Davidson Upgrades Simpson Manufacturing

DA Davidson upgrades Simpson Manufacturing

to Buy while keeping the price target of $37.50 unchanged. The new rating is warranted by share pullback that provides an attractive entry point. DA Davidson notes, "We are upgrading Simpson Manufacturing from Neutral to BUY following the recent weakness in the company's shares, despite better than expected January U.S. housing starts and a generally more optimistic tone about the housing recovery. With shares down 13.4% since our Q4-11 update on February 3rd (presumably due to unwinding of the seasonal trade in housing related stocks) compared to flat S&P 500 performance during the same time period, we believe the decline in the company's stock is overdone and we now see value at these levels." SSD closed at $29.32 a share yesterday.