Apogee Enterprises (APOG): Share price in bullish 'flag'

Filed under: Earnings reports, Analyst upgrades and downgrades, Bank of America (BAC), Technical Analysis, Stocks to Buy

Apogee Enterprises (NASDAQ: APOG) designs and develops value-added glass products, services and systems. The architectural products and services division makes and installs glass walls and windows for commercial and institutional buildings. The large-scale optical segment manufactures glass and acrylics for the custom picture framing market and produces optical thin-film coatings for consumer electronics displays. The Bank of America (NYSE: BAC) is a leading commercial client. PPG Industries (NYSE: PPG) is a major competitor.

The firm pleased investors last week, when it reported Q4 EPS of 49 cents and revenues of $243.3 million. Analysts had been expecting 45 cents and $236.1 million. Management also guided FY09 EPS to $1.82-$1.94 ($1.72 consensus) and FY09 revenues to $987.6 million-$1.0 billion ($963.0M consensus). Company backlog was said to be at a record level. Jesup & Lamont subsequently reiterated its "buy" recommendation on the issue and declared a $28 price target.

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