UPDATE: D.A. Davidson & Co. Reiterates On Polypore International Following Slight Q2 Miss

In a report published Thursday, D.A. Davidson & Co. analyst Avinash Kant reiterated a Buy rating on Polypore International (NYSE: PPO), but lowered the price target from $55.00 to $50.00.

In the report, D.A. Davidson & Co. noted, “PPO reported Q2:CY14 EPS from continuing operations of $0.35 on revenues of $166.6 million (up 3.5% from Q1:CY13 but down 1.4% from Q2:CY13). Results came in slightly below consensus estimates of $0.38 on $169 million and our $0.39 on $170 million. During Q2, PPO used ~$150 million of cash to reduce outstanding debt, leaving the cash balance at $37 million. With the debt reduction and refinancing, interest expenses are expected to fall ~$20 million or more from their previous annualized rate of ~$40 million. The company also used ~$9 million of cash to repurchase 200,000 shares during the quarter.”

Polypore International closed on Wednesday at $42.59.