KeyBanc Starts Blount International (BLT) at Buy; Operational Initiatives and Active M&A Pipeline

KeyBanc initiates coverage on Blount International (NYSE: BLT) with a Buy. PT $20.00.

KeyBanc analyst says, "BLT is an international manufacturer of parts and equipment for the forestry, lawn & garden, agricultural and construction industries. In our view, BLT possesses a well established market niche and maintains meaningful opportunities to drive earnings expansion as the deal-focused management team expands the Company's product portfolio and drives operational improvements. We believe this strategy of maintaining the dominant market position in the legacy products while expanding into ancillary product lines represents an appropriate use of cash flow given BLT's leveragable international distribution network and modest long-term prospects of BLT's primary end market, Forestry (77% of sales in 2010)."

"We are initiating coverage with a BUY rating, instituting FY11 and FY12 estimates of $1.22 and $1.38, respectively."

For more ratings news on Blount International click here and for the rating history of Blount International click here.

Shares of Blount International closed at $15.36 yesterday.

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