B.Riley FBR Reiterates Their Buy Rating on Tecnoglass Inc

By Carrie Williams

B.Riley FBR analyst Alex Rygiel reiterated a Buy rating on Tecnoglass Inc (NASDAQ: TGLS) today and set a price target of $11.50. The company’s shares opened today at $9.26.

Rygiel commented:

“On the morning of March 14, Tecnoglass announced 4Q17 results that were mostly in line with expectations and provided 2018 guidance that was in line to better. The solid quarter wrapped up a year of mixed results partly due to weakness in Colombia and certain project delays and weather-related pushouts. The year 2018 appears to be setting up to be one of solid growth with Y/Y revenue growth of 13% at the midpoint of guidance and expected EBITDA growth of 23%. We remain positive on the broader outlook for nonresidential construction and residential construction in the U.S. and view TGLS as an attractive investment vehicle to benefit from broader market growth, market share gains, and acquisitions. We are raising our 2018 EBITDA estimate and raising our price target from $11 to $11.50 and reiterate our Buy rating.”

According to TipRanks.com, Rygiel is a 5-star analyst with an average return of 15.5% and a 69.9% success rate. Rygiel covers the Basic Materials sector, focusing on stocks such as Granite Construction Inc, Jacobs Engineering, and Tutor Perini Corp.

Tecnoglass Inc has an analyst consensus of Moderate Buy, with a price target consensus of $11.50.

Based on Tecnoglass Inc’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $83.38 million and quarterly net profit of $6.92 million. In comparison, last year the company earned revenue of $80.28 million and had a net profit of $2.93 million.

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Tecnoglass, Inc. is a holding company, which engages in the design, manufacture, distribution, marketing, and installation of architectural glass and windows. Its products include insulating, laminated, monolithic, and solar control low-e glass. It also produces profiles, rods, bars, plates and other hardware which are used in the manufacture of windows.