AZZ Inc. (AZZ) PT Raised to $62 at Stifel Ahead of Earnings

July 19, 2021 6:20 AM EDT
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Price: $51.74 -0.54%

Rating Summary:
    2 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 15 | New: 24
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Stifel analyst Noelle Dilts raised the price target on AZZ Inc. (NYSE: AZZ) to $62.00 (from $59.00) while maintaining a Buy rating. The analyst raised sales estimates by 5% to $220.8 million, a 12.8% y/y organic growth as well as EPS to $0.65 from $0.57 on higher Metal Coating revenues and a lower forecasted tax rate partially offset by lower Infrastructure Solutions revenues and higher Corporate expense.

The analyst stated "We remain optimistic on AZZ's efforts to restructure operations to a Coatings-focused, higher-margin business, which should unlock shareholder value. While the company has completed its strategic review, conclusions and options must be discussed with the Board; AZZ expects to provide more information to investors in October. The company would be a beneficiary of an Infrastructure stimulus package; this would represent upside to our forecast. We increase our F2022 EPS estimate by ~13% to $3.04 largely reflecting the F1Q22 beat and increased estimates in
F2Q22 and F3Q22".

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