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UPDATE: Oppenheimer Downgrades LMI Aerospace on Disappointing 2Q13 Results

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In a report published on Thursday, Oppenheimer analyst Yair Reiner downgraded LMI Aerospace (NASDAQ: LMIA) from Outperform to Perform and removed the previous price target of $25 on the company.

In the report, Oppenheimer stated, "The disappointing 2Q13 results (the latest in a series) have forced us to reevaluate LMIA's ability to grow sales and profits at this stage of the aerospace cycle. With rates topping off and even declining on many commercial and defense programs, the pressure on OEMs and tier-1s to outsource work shows signs of cresting. Margins, meanwhile, also risk a squeeze from both softer demand and price pressure. While we believe integration efforts at LMIA will offset some of these headwinds, at 7.0x 2014E EV/ EBITDA (10%-23% premium to peers), valuation appears to already bake in some improvement."

LMI Aerospace closed on Thursday at $13.98.

Latest Ratings for LMIA

DateFirmActionFromTo
Oct 2016Drexel HamiltonInitiates Coverage OnHold
Jul 2016Deutsche BankMaintainsHold
Mar 2016Deutsche BankMaintainsHold

View More Analyst Ratings for LMIA
View the Latest Analyst Ratings

 

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Posted-In: Oppenheimer Yair ReinerAnalyst Color Downgrades Analyst Ratings

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