Brean Murray Downgrades MPR From Buy To Hold

Brean Murray, Carret & Co. has downgraded shares of Met-Pro Corporation (NYSE: MPR) to from Buy to Hold.

“The shares of MPR have reached our target price, and we are downgrading our rating to hold from Buy based on valuation,” Brean Murray writes. “With the shares trading at 30x trailing P/E ratio and a 25x forward P/E ratio, we consider them fairly valued.

“That said, we still believe the company is well positioned for longer-term growth. We advise investors to refrain from purchases at these levels and to wait for a better entry point, and we will look to revisit our rating when valuation becomes more compelling. We note that the shares have appreciated 30% in a 13-month timeframe.”

Met-Pro Corporation closed Friday at $12.50.