Fly News Breaks for December 21, 2018
APOG
Dec 21, 2018 | 08:28 EDT
Craig-Hallum analyst Eric Stine maintained a Buy rating on Apogee Enterprises but cut his price target to $48 from $57 after the company reported mixed Q3 results and lowered FY19 guidance to reflect Architectural Services segment strength and improved operational results in Architectural Glass offset by project timing and mix issues in Architectural Framing. While not the clean quarter he was looking for, Stine tells investors in a research note that he sees evidence of a healthy business in Q3 results with higher backlog y/y, substantial visibility beyond backlog and high management confidence and visibility into ongoing margin expansion.
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