Tecnoglass downgraded to Market Perform from Strong Buy at Raymond James

Raymond James analyst Sam Darkatsh downgraded Tecnoglass (TGLS) to Market Perform from Strong Buy without a price target The firm continues to believe Tecnoglass’ business will expand both sales and margins in the coming years, supported by continued backlog growth, structural advantages, and geographic whitespace. However, the stock’s valuation has also expanded, making the risk/reward “far more balanced,” even if the ongoing strategic review results in sale of the company, the analyst tells investors in a research note.