UPDATE: Topeka Capital Markets Initiates Coverage on Dynamic Materials Corporation with Hold Rating, $18 PT

In a report published Wednesday, Topeka Capital Markets initiated coverage on Dynamic Materials Corporation BOOM with a Hold rating and $18.00 price target. Topeka Capital Markets noted, “We are initiating coverage of Dynamic Materials with a Hold rating and an $18 price target. While we believe the Company is well positioned to benefit from the eventual re-acceleration in the economic recovery, we believe it may continue to experience near-term headwinds. In the last quarter the Explosion Welding backlog trend was flat and given the current economic sentiment, this trend could continue in the coming quarters. Furthermore, based on our $18 price target shares offer limited upside from current levels.” Dynamic Materials Corporation closed on Tuesday at $15.86.