JMS Starts Portec Rail Products (PRPX) at Buy
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Janney Montgomery Scott initiates coverage on Portec Rail Products Inc. (Nasdaq: PRPX) with a Buy rating and $14 fair value price.
The firm said due to its established base of railroad customers and over 25% of its business outside North America, the company is positioned to capitalize on several underlying demand drivers like the railroad industry's efforts to increase safety and efficiency in an environment of record traffic volumes.
They also see higher levels of profitability due to higher gross margins and low capital expenditures which will lead to increasing free cash flow generation and ROIC.
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