LMI Aerospace (NASDAQ:LMIA) was downgraded by investment analysts at Oppenheimer from an “outperform” rating to a “market perform” rating in a note issued to investors on Friday, TheFlyOnTheWall.com reports. They currently have a $25.00 target price on the stock. Oppenheimer’s price target indicates a potential upside of 80.25% from the stock’s previous close.
The analysts wrote, “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.”
Shares of LMI Aerospace (NASDAQ:LMIA) opened at 13.87 on Friday. LMI Aerospace has a 52 week low of $13.80 and a 52 week high of $23.20. The stock’s 50-day moving average is currently $18.61. The company has a market cap of $178.1 million and a P/E ratio of 13.10.
LMI Aerospace (NASDAQ:LMIA) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.18 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.38 by $0.20. The company had revenue of $105.47 million for the quarter, compared to the consensus estimate of $112.77 million. During the same quarter last year, the company posted $0.43 earnings per share. LMI Aerospace’s revenue was up 52.2% compared to the same quarter last year. On average, analysts predict that LMI Aerospace will post $1.39 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on LMIA. Analysts at TheStreet downgraded shares of LMI Aerospace from a “buy” rating to a “hold” rating in a research note to investors on Friday, May 31st. Analysts at Deutsche Bank reiterated a “buy” rating on shares of LMI Aerospace in a research note to investors on Wednesday, May 15th. They now have a $24.00 price target on the stock, down previously from $25.00.
LMI Aerospace, Inc (NASDAQ:LMIA) is a provider of design engineering services, structural assemblies, kits and components to the aerospace, defense and technology markets.
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