Tecnoglass downgraded to Hold from Buy at Stifel

Stifel downgraded Tecnoglass to Hold from Buy with a price target of $45, down from $48, ahead of the Q4 earnings expected in early March. The analyst remains positive on the company longer term, but sees multiple headwinds developing over the near term. Channel checks indicate Q4 volumes fell over 10%, and the Colombian peso appreciated 15% against the U.S. dollar in Q4 versus last year, which could pose a $5M headwind to adjusted EBITDA, the analyst tells investors in a research note. The firm also continues to expect a correction in multi-family this year.