Wells Fargo Starts Myers Industries (MYE) at Market Perform; Taking Wait-And-See Approach

Wells Fargo initiates coverage on Myers Industries (NYSE: MYE) with a Market Perform. PT range $12-$14.

Wells analyst said, "In addition to internal efforts aimed at restoring profitability, we believe some of the Company's more cyclical segments are at the front end of an expansion. With this as a backdrop, our mid-cycle earnings analysis suggests MYE could earn $1.20/share. At this point, however, we are approaching the stock with guarded optimism as operational setbacks and volatile raw material prices have derailed Company efforts to restore profitability over the past 24-36 months. Accordingly, we believe the risk/reward is currently balanced and are comfortable taking a "wait and see" approach."

For an analyst ratings summary and ratings history on Myers Industries click here. For more ratings news on Myers Industries click here.

Shares of Myers Industries closed at $13.02 yesterday.

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