Global Hunter Securities Starts Encore Wire (WIRE) at Accumulate; Well Positioned to Weather Economic Uncertainty
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Price: $289.84 --0%
Rating Summary:
1 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Global Hunter Securities initiates coverage on Encore Wire (NASDAQ: WIRE) with a Accumulate. PT $30.00.
Global analyst said, "While the company is trading at the low end of its historic valuation range based on price/book metrics, we are concerned about near-term construction-related demand visibility and the impact of increasingly volatile commodity copper prices. In addition, we believe that the US economy continues to face significant uncertainty, potentially on the precipice of a protracted recession/depressionary period, coupled with credit markets largely still attempting to recover from the bursting of the previous real estate bubble. In this scenario we would encourage investors to build a position in WIRE on macro-related weakness as we see the company as well positioned to weather economic uncertainty and to emerge from any potentially weak near-term period successfully. We are initiating coverage of Encore Wire Corp. with an Accumulate."
For an analyst ratings summary and ratings history on Encore Wire click here. For more ratings news on Encore Wire click here.
Shares of Encore Wire closed at $25.98 yesterday.
Global analyst said, "While the company is trading at the low end of its historic valuation range based on price/book metrics, we are concerned about near-term construction-related demand visibility and the impact of increasingly volatile commodity copper prices. In addition, we believe that the US economy continues to face significant uncertainty, potentially on the precipice of a protracted recession/depressionary period, coupled with credit markets largely still attempting to recover from the bursting of the previous real estate bubble. In this scenario we would encourage investors to build a position in WIRE on macro-related weakness as we see the company as well positioned to weather economic uncertainty and to emerge from any potentially weak near-term period successfully. We are initiating coverage of Encore Wire Corp. with an Accumulate."
For an analyst ratings summary and ratings history on Encore Wire click here. For more ratings news on Encore Wire click here.
Shares of Encore Wire closed at $25.98 yesterday.
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