Apogee Enterprises (APOG) - Bull of the Day

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We have upgraded our recommendation on Apogee Enterprises ( APOG ) to Outperform from Neutral with a target price of $18. The company's first-quarter fiscal 2013 earnings were $0.06 per share, reversing the prior-year loss of $0.08 and doubling the Zacks Consensus Estimate of $0.03. Total revenues improved 1% to $154.1 million.

Apogee is focused on increasing its exposure in the U.S. market, which will help top-line growth moving forward. It has increased its earnings guidance range and raised its quarterly dividend by 10% to $0.09 per share.

We have upgraded our long-term recommendation on the stock to Outperform from Neutral, which indicates that it will perform above the overall market. Our price target of $18 is based on 32.1x our fiscal 2013 earnings estimate.
 
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



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