Dutton Associates Announces Investment Opinion: LESCO Buy Rating Maintained By Dutton Associates

Dutton Associates continues its coverage of LESCO, Inc.
(Nasdaq:LSCO) maintaining its Buy rating and setting a 12 month target
price of $18.00. The 10-page report by Dutton senior analyst Paul J.
Resnik, CFA is available at www.jmdutton.com as well as from First
Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial
portals.
   LESCO is the largest supplier to the U.S. professional lawn-care
and golf-course markets. Over the past four years, the Company has
been engaged in an ongoing restructuring as it has sought to increase
profitability and put itself on a growth path. After putting new
management in place in 2001/2002, LESCO commenced to discontinue
low-profit manufacturing operations, restart the expansion of its
Service Center(C) chain, cut headquarters expense and reconfigure its
distribution network. On October 7, 2005, LESCO consummated the sale
of substantially all of its supply chain assets to Turf Care Supply
Corp. (TCS). LESCO management believes, and we concur, that it can now
achieve greater profitability and growth as it focuses on its retail
operations. We note that the sale not only removes low-margin
businesses from its mix but also frees up capital to more rapidly grow
its profitable Service Center network using internally generated
funds. We continue to assign the shares a valuation based on a 20
price/earnings multiple. Based on our 2006 EPS estimate of $0.90
(versus an estimated $0.44 in 2005), we have a 12 month price target
of $18.00 for these shares. We note, however, that the shares are
likely to find some support in the market from the Company's share
repurchase program. Moreover, as LESCO supplies proof that its new
business model can deliver the hoped-for growth, investors are likely
to expand their time horizon for valuation to 2007 and beyond,
enabling the shares to move to higher levels.

   About Dutton Associates

   Dutton Associates is one of the largest independent investment
research firms in the U.S. Its 28 senior analysts are primarily CFAs
and have expertise in many industries. Dutton Associates provides
continuing analyst coverage of over 120 enrolled companies, and its
research, estimates, and ratings are carried in all the major
databases serving institutions and online investors.

   The cost of enrollment in our one-year continuing research program
is US $35,000 prepaid for 4 Research Reports, typically published
quarterly, and requisite Research Notes. Dutton Associates received
$77,000 from the Company for 12 Research Reports with coverage
commencing on 3/12/03. The Firm does not accept any equity
compensation. Our principals and analysts are prohibited from owning
or trading in securities of covered companies. The views expressed in
this research report accurately reflect the analyst's personal views
about the subject securities or issuer. Neither the analyst's
compensation nor the compensation received by us is in any way related
to the specific ratings or views contained in this research report or
note. Please read full disclosures and analyst background at
www.jmdutton.com before investing.