) to neutral from buy.
Analyst Howard Block says he downgrades based on a combination of limited upside to a new revised target and limited visibility into the timing of pricing recovery.
He believes the company's business activity remains robust and its pipeline active, but sees no signs of pricing firmness.
As a result, he cuts his 30 cents 2005 earnings per share estimate to 11 cents. He cuts his $8 price target to $4.50.