In a report released today, Alex Rygiel from B.Riley FBR reiterated a Buy rating on Tecnoglass Inc (TGLS), with a price target of $12. The company’s shares closed on Friday at $7.39.
“Tecnoglass announced a 2Q19 beat across all metrics, including record quarterly revenue, EBITDA, and backlog. The company continues to gain share within the U.S residential market, while the commercial market remains healthy. Guidance for 2019 was raised, mostly for the 2Q beat. The company’s plant expansion and improvements remain on track with the completion of the aluminum production capacity expansion in July, and additional aluminum and glass plant automation initiatives are expected to be completed by year-end 2019. We believe TGLS is well positioned to benefit from positive U.S. commercial construction trends, share gains in residential, while leveraging its low cost vertically integrated manufacturing capacity in Colombia. We are modestly raising our estimates and reiterate our Buy rating and $12 price target.”
According to TipRanks.com, Rygiel is a 4-star analyst with an average return of 6.0% and a 56.1% success rate. Rygiel covers the Basic Materials sector, focusing on stocks such as Granite Construction Inc, Tutor Perini Corp, and Quanta Services.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Tecnoglass Inc with a $10.33 average price target.
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Tecnoglass Inc’s market cap is currently $322.4M and has a P/E ratio of 52.15. The company has a Price to Book ratio of 1.86.
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Tecnoglass, Inc. is a holding company, which engages in the design, manufacturing, distribution, marketing, and installation of architectural glass, windows, and associated aluminum products. It offers insulating, laminated, and monolithic glass. The company was founded on September 21, 2011 and is headquartered in Barranquilla, Colombia.