Vitesse downgraded to Market Perform from Outperform at Northland

Northland analyst Donovan Schafer downgraded Vitesse to Market Perform from Outperform with a price target of $24, up from $23. Vitesse delivered a Q2 miss, but the miss was largely due to lower commodity prices and “stale estimates” as opposed to any kind of meaningful deviation from operation and execution expectations, while management reaffirmed full-year guidance, the analyst tells investors. However, the firm is moving to a lower rating on the view that the stock is “fairly priced,” the analyst added.