Jefferies Raises Price Target & Estimates on Gibraltar Industries (ROCK), Cost Cutting is Resulting in Strong Earnings

Jefferies is maintaining its Buy rating on shares of Gibraltar Industries (NASDAQ: ROCK) and is raising its price target from $13 to $16.

The company beat bottom line expectations for the quarter, which was driven by improving nonresidential repair & remodelling markets and stronger operating efficiencies. ROCK also experienced an increase in demand for its non-residential products including metal lath and bar grating during the quarter.

The firm anticipates demand for several residential products to increase throughout the year as rebuilding takes place following severe storms across the Southern US.

As the company continues to reduces its expenses, the firm is raising its FY11 and FY12 EPS estimates by $0.10 and $0.20 to $0.40 and $0.70.

For more ratings news on Gibraltar Industries click here and for the rating history of Gibraltar Industries click here.

Shares of Gibraltar Industries closed at $13.24 yesterday.

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