KeyBanc Starts Park-Ohio Holdings (PKOH) at Buy

December 14, 2012 8:24 AM EST
Get Alerts PKOH Hot Sheet
Price: $42.05 -1.87%

Rating Summary:
    3 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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KeyBanc initiates coverage on Park-Ohio Holdings (NASDAQ: PKOH) with a Buy. PT $27.00.

The firm comments, "In our view, PKOH is characterized by an experienced management team and a unique collection of assets in its Supply Technologies, Engineered Products and Assembly Components segments, many of which are sole or dominant suppliers in their respective niches. Over time, the portfolio has grown both organically and via acquisition, and to that point PKOH recently completed a large deal by purchasing Fluid Routing Systems (FRS). Concurrently, PKOH has been repositioning its aluminum castings business into a more efficient operation. In our view, both of these initiatives should contribute to stabilizing and improving EPS and cash flow in coming quarters and years. We think that improvement, along with our expectation of reduced capital spending at PKOH in 2013, should result in improving free cash flow (FCF) next year."

The firm is introducing FY12 and FY13 estimates of $3.14 (c $3.20) and $3.76 (c $3.85), respectively.

For an analyst ratings summary and ratings history on Park-Ohio Holdings click here. For more ratings news on Park-Ohio Holdings click here.

Shares of Park-Ohio Holdings closed at $19.95 yesterday.

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