Apogee Enterprises (APOG) is a major manufacturer of glass for commercial and industrial applications, such as skyscrapers and greenhouses. APOG stock has been rising since the summer — currently up 4% in just the last four trading days.
But this trend appears to be more than just a short-term pop. Apogee Enterprises has been making strategic acquisitions this year to grow its business, and recently increased guidance for FY 2013, now at $0.93 to $1.00 per share, compared to previous guidance of $0.90 to $1.00. Things look strong on the technical side too, since APOG stock has recently pulled back to the middle of its channel, with plenty of room to move up.
Analyst ratings over the past few months have also been positive for APOG stock, with Goldman Sachs initiating a “buy” rating and Northland Capital Partners increasing their target.
Recommendation: Buy APOG stock for a $38.50 target.
Jon Markman operates the investment firm Markman Capital Insights. He also writes a daily trading newsletter, Trader’s Advantage, and CounterPoint Options, a service geared towards helping individual traders make steady, consistent profits with the VIX. Follow Jon Markman at Google+.