KeyBanc Upgrades Actuant (ATU) to Buy, Sell-Off Create Buying Chance
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Price: $21.87 --0%
Rating Summary:
1 Buy, 12 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
Rating Summary:
1 Buy, 12 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
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KeyBanc upgraded Actuant (NYSE: ATU) from Hold to Buy with a price target of $34.00.
The firm comments, "Following a 17% stock price decline (vs. S&P 500 decline of 7%; S&P 500 Industrial down 5%) since its late September high, we are upgrading shares of ATU to BUY from HOLD. We believe the recent share price correction has sufficiently de-risked OEM resets expected to negatively impact parts of the business near term (namely within Engineered Solutions), while we still see the low end of its FY13 guidance range ($2.20-$2.30) as achievable. In addition to the pull-back, we see growth/resiliency in its two most important businesses (Industrial and Energy; 49% of total sales, 70% of total operating profit), a strong balance sheet, robust free cash flow and ample capacity to continue upgrading its portfolio."
For an analyst ratings summary and ratings history on Actuant click here. For more ratings news on Actuant click here.
Shares of Actuant closed at $26.15 yesterday.
The firm comments, "Following a 17% stock price decline (vs. S&P 500 decline of 7%; S&P 500 Industrial down 5%) since its late September high, we are upgrading shares of ATU to BUY from HOLD. We believe the recent share price correction has sufficiently de-risked OEM resets expected to negatively impact parts of the business near term (namely within Engineered Solutions), while we still see the low end of its FY13 guidance range ($2.20-$2.30) as achievable. In addition to the pull-back, we see growth/resiliency in its two most important businesses (Industrial and Energy; 49% of total sales, 70% of total operating profit), a strong balance sheet, robust free cash flow and ample capacity to continue upgrading its portfolio."
For an analyst ratings summary and ratings history on Actuant click here. For more ratings news on Actuant click here.
Shares of Actuant closed at $26.15 yesterday.
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