Goldman Sachs Removes Apogee Enterprises (APOG) from Conviction Buy List

Goldman Sachs removed Apogee Enterprises (NASDAQ: APOG) from its Conviction Buy List but maintained a Buy with a price target of $37.00 (from $43.00).

Analyst Samuel H. Eisner weights in "We remove APOG from the Americas Conviction Buy List, given a recalibration in profitability expectations. Despite removing from the CL, we maintain our Buy rating as we still expect acceleration in the company’s core business to translate into meaningful EPS growth in FY15/FY16. However, lower incremental profitability and weaker utilization rates should generate weaker profitability than we previously expected. Still, fundamentals remain strong and we see 10-15% organic growth for APOG as one of the strongest organic growth rates across our universe."

The firm cut FY 2014 EPS from $0.98 to $0.95, FY 2015 EPS from $1.76 to $1.45 and FY 2016 EPS from $2.40 to $2.15.

For an analyst ratings summary and ratings history on Apogee Enterprises click here. For more ratings news on Apogee Enterprises click here.

Shares of Apogee Enterprises closed at $31.53 yesterday.

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