Jefferies Raises price Target on Worthington Industries (WOR) to $42 Following Solid 1Q
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Jefferies reiterated a Hold rating on Worthington Industries (NYSE: WOR), and raised the price target to $42.00 (from $37.00), following the company's 1Q earnings report. WOR reported adjusted F1Q17 EPS of $1.03, which was ahead of the consensus estimate of $0.77. The operating income of $100.8M was ahead of forecasts (+12%) with most of the beat driven by higher JV income of $34.5M.
Analyst Seth Rosenfeld commented, "WOR reported adj. F1Q17 EPS of $1.03, which was ahead of our/street estimate of $0.77 with notable improvement in several JV’s and Steel Processing benefiting from elevated pricing. We maintain our HOLD rating post results viewing the shares as fairly valued and with cautious implications from recently inflecting steel prices resulting in new headwinds in coming quarters."
Shares of Worthington Industries closed at $46.89 yesterday.
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