Worthington Industries (WOR) PT Lowered to $46 at Canaccord Genuity

Canaccord Genuity analyst Brian McNamara lowered the price target on Worthington Industries (NYSE: WOR) to $46.00 (from $52.00) while maintaining a Hold rating.

The analyst commented: "After the market closed yesterday, Worthington Enterprises (WOR) reported disappointing FQ1 2025 results in its third “clean” reporting quarter without the separated steel business and now with the sustainable energy solutions segment in a JV. Sales missed CGe and consensus by 11% and 13%, respectively, with Consumer Products missing CGe by 23%. Building Products posted a slight beat, coming in ~2% above expectations. Gross profit came in 11% below consensus, while adjusted EBITDA and EPS missed by 23% and 30%, respectively. We reiterate our HOLD rating and lower our PT to $46. However, with the stock -36% since its post-separation high on March 21 (vs. Russell 2000 +5%) and WOR a clear beneficiary of rate cutting cycle, we believe
the worst might be behind it. We could become more constructive as Worthington builds its track record as a standalone company."

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