UPDATE: Taglich Brothers Downgrades Flexible Solutions International to Neutral on Fair Valuation

Taglich Brothers reduces its rating on Flexible Solutions International

from a Speculative Buy to Neutral. Taglich Brothers notes, "Lowering to Neutral from Speculative Buy. Believe the stock is fairly valued at the current price. We believe the economic advantage of using TPA as an alternative to increased fertilizer levels is reflected in uptake of FSI's TPA over the past two years. …Decreased 2012 revenue projection to $17.1 million from $18.4 million due to the adverse impact a weak European economy is likely to have on sales. 2012 EPS projection reduced to $0.04 from $0.08 primarily due to lower revenue expectations and a higher tax rate than previously estimated." FSI closed at $1.42 on Thursday.