Stifel Upgrades Valmont Industries (VMI) to Buy
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Stifel analyst Nathan Jones upgraded Valmont Industries (NYSE: VMI) from Hold to Buy with a price target of $153.00 (from $135.00).
The analyst comments "In our view, the headwinds the business has experienced over the last 1-2 years have abated, steel inflation has subsided, cash conversion issues in 2018 won't repeat, 1Q19 weather issues are behind us, and the irrigation outlook has been derisked. In turn, tailwinds are increasing with: backlog building nicely in USS and ESS; positive demand trends in lighting, communication and transmission; restructuring complete (Valmont is reporting GAAP EPS in 2019), which will allow a sharper focus on operations; and pricing positive."
Shares of Valmont Industries closed at $132.84 yesterday.
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