Columbus McKinnon (CMCO) PT Raised to $64 at Craig-Hallum on Dorner Acquisition

Craig-Hallum analyst Greg Palm raised the price target on Columbus McKinnon (NASDAQ: CMCO) to $64.00 (from $48.00) while maintaining a Buy rating after the company announced the acquisition of Dorner Manufacturing, a leading provider of high-precision specialty conveyor systems used in automation, e-commerce and other industrial-related end markets.

The analyst stated "There’s much to like about the acquisition including: (1) Entrance into high
growth verticals that support Dorner’s historical double-digit revenue growth rate; (2) Margin accretive with 50% gross margins and mid-20% EBITDA margins; (3) Nicely additive overall with significant accretion on a cash EPS basis and (4) The opportunity to use Dorner as a platform for additional M&A growth."

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