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NEW YORK - An analyst on Wednesday downgraded NCI Building Systems Inc., which makes metal building products, because of a deteriorating outlook for nonresidential construction.
| NCS | 16.4 |  -1.36 |
PiperJaffray senior research analyst Michael E. Cox lowered his rating on the stock to "Neutral" from "Buy."
"As steel prices fall, we believe price competition is likely to escalate and project delays will become increasingly common for (NCI)," he wrote in a client note. "We believe this will put downward pressure on backlog levels in the coming quarters."
Cox also cut his 12-month price target to $26 from $48 and reduced his 2009 earnings-per-share estimate to $3.64 from $4.10.
"We are also concerned that institutional markets (which have been a bright spot in the nonresidential construction market) will begin to weaken as budget issues arise in this softer economic backdrop," he added.
Shares of NCI fell $3.51, or 12.5 percent, to end Tuesday's session at $24.50.
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