Universal Forest Upgraded

Zacks Investment Research announced recently it has upgraded Universal Forest Products from Underperform to a Neutral recommendation. The Michigan-based company engineers, manufacturers, treats, distributes, and installs lumber, composite wood, plastic and other building products for its do-it-yourself (DIY), site-built construction (homebuilders), manufactured housing, and industrial markets. Zack’s notes the recent economic crisis had a drastic impact on Universal Forest’s financial due to its heavy exposure to the U.S. housing market. The firm also says Universal Forest’s balance sheet remains strong with cash and cash equivalents nearly doubling from $21.2 million in the second quarter to $58.1 million in the third quarter of 2010.

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