Wells Fargo Starts MRC Global (MRC) at Outperform; Well Positioned to Capitalize From Favorable Trends

Wells Fargo initiates coverage on MRC Global (NYSE: MRC) with an Outperform. PT range $24-26.

Analyst, Allison Poliniak-Cusic, said, "We are favorable on MRC's position as the leading supplier of pipes, valves, and fittings (PVF) to the high-growth energy industry, which should enable the distributor to achieve high-single-digit core revenue growth through 2013, we estimate. Ongoing favorable core growth trends (35pp in Q1), increased productivity (on track, we believe, to reach a 10% adjusted EBITDA margin in five years; 8.3% in Q1), and its successful and ongoing acquisition program could continue to act as catalysts for stock performance. We initiate 2012 and 2013 EPS estimates of $1.60 and $1.95, respectively."

For an analyst ratings summary and ratings history on MRC Global click here. For more ratings news on MRC Global click here.

Shares of MRC Global closed at $20.46 yesterday.

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