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UPDATE: Stifel Nicolaus Upgrades Pike Electric to Buy Following Recent Share Pullback

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In a report published Friday, Stifel Nicolaus analyst Noelle Dilts upgraded the rating on Pike Electric Corporation (NYSE: PIKE) from Hold to Buy, and named a $14.50 price target.

In the report, Dilts noted, “In our opinion, the recent pullback in PIKE shares has increased their attractiveness from a valuation perspective. Since the company reported results on May 6th, PIKE shares have pulled back 24.2% vs a 2% gain in the S&P 500. This includes a 9% decline since Pike announced that its private equity owner, Lindsay Goldberg, would exit a portion of its 37% ownership position through a secondary offering...We continue to believe that the fundamental story at Pike is sound. We forecast recovery in Pike's core overhead and underground distribution markets over the next several years. We continue to like Pike's diversification into higher-growth, higher-margin substation, transmission, and engineering work. We see significant growth opportunity as Pike expands its geographic presence.”

Pike Electric Corporation closed on Thursday at $11.88.

Latest Ratings for PIKE

DateFirmActionFromTo
Aug 2014JefferiesMaintainsHold
Aug 2014BB&T CapitalDowngradesBuyHold
Feb 2014Stifel NicolausDowngradesBuyHold

View More Analyst Ratings for PIKE
View the Latest Analyst Ratings

Posted-In: Stifel NicolausAnalyst Color Upgrades Analyst Ratings

 

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