Apogee Enterprises price target lowered to $55 from $60 at Craig-Hallum
Craig-Hallum analyst Eric Stine lowered his price target on Apogee Enterprises to $55 from $60 following the company's "mixed" Q4 results. In a research note to investors, Stine said he believes the company's outlook is "intact" despite lower guidance for fiscal 2019, due primarily to EFCO, which he said is likely to turn out to be a "good" acquisition strategically and that the new management put in place earlier this year should help improve performance going forward. However, Stine contended that these factors will have little impact on the "problem projects" already in its backlog. Stine, who has a Buy rating on Apogee shares, said investors "should not let EFCO distract" from positive trends across most of Apogee's businesses.