The upgrade for the company, which designs, engineers and sells products constructed from wood, came one day after it released its 2014 first quarter earnings report.
The company reported net sales of $168.3 million, a 9.1% increase from the $154.3 million reported during the first quarter of 2013.
Simpson had net income of $12.1 million for the first quarter, compared to $4.8 million for the same quarter in 2013.
Diluted net income was 25 cents per common share for the quarter, versus 10 cents per common share during the first quarter of 2013.
TheStreet Ratings team rates SIMPSON MANUFACTURING INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate SIMPSON MANUFACTURING INC (SSD) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, expanding profit margins and good cash flow from operations. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."