Ply Gem Holdings (PGEM) Bombs After Analyst Downgrade

NEW YORK ( TheStreet) -- Ply Gem Holdings ( PGEM) bombed on Monday after receiving a JPMorgan downgrade. By mid-afternoon, shares had fallen 17.2% to $14.07.

The investment bank downgraded the stock to "overweight" from "neutral".

"We believe the company's recent operational challenges and lack of near-term visibility are likely to continue for at least one to two more quarters," wrote analyst Michael Rehaut in the report.

The construction material wholesaler recently released preliminary fourth-quarter sales between $330 million and $335 million, missing expectations. JPMorgan analysts had hoped for $365 million, while analysts polled by Thomson Reuters had consensus of $343.6 million.

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