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AG Edwards Upgrades Sypris Solutions to 'Buy'


AG Edwards upgraded Sypris Solutions (SYPR) to buy from hold.

On Thursday Dana Corp. announced plans to sell some axle production assets to Sypris as part of an eight-year outsourcing deal. Analyst Tony Boase says he's upgrading technology-based outsourcer Sypris on this deal, which when completed in 2005, would increase the size of Sypris by almost 50%.

He views the Dana deal as a potential catalyst to attract meaningful investor interest and excitement in Sypris. Boase sees the company's 2004 earnings per share base at $1.00 without Dana; he says the deal adds about 33 cents earnings per share in total when completed in 2005.

Boase set a a $20 target, or 15 times his estimated earnings per share power of $1.33 based on current expectations and the Dana deal.


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