KeyBanc Downgrades Mistras Group (MG) to Hold; Valuation Call

KeyBanc downgraded Mistras Group (NYSE: MG) from Buy to Hold.

KeyBanc analyst says, "We are downgrading MG after the stock surpassed our former price target of $22. We continue to foresee a robust growth outlook for MG and believe it deserves a premium multiple vs. its E&C peers because of this, as well as its higher proprietary technological content, proven resiliency during the last downturn and strong management. That said, we believe these positives are accurately reflected in MG's outperformance vs. its peers and its current valuation. We highlight that MG's stock has climbed 99% since our upgrade on November 3, 2010, outperforming the S&P 500 by 96% and its closest publicly traded peers, TEAM (Nasdaq: TISI) and Furmanite (NYSE: FRM), by 86% and 92%, respectively."

For more ratings news on Mistras Group click here and for the rating history of Mistras Group click here.

Shares of Mistras Group closed at $22.29 yesterday.

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