UPDATE: KeyBanc Upgrades Gibraltar Industries (ROCK) to Overweight on Successful Diversification and Valuation
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KeyBanc analyst Kenneth Zener upgraded Gibraltar Industries (NASDAQ: ROCK) from Sector Weight to Overweight with a price target of $85.00. Gilbraltor's pivot into higher growth, nascent Solar and Conservation markets (38% of FY21 EBIT) where its services are unknown or defined as the industry matures offers a unique company narrative.
The analyst stated "with its valuation reset, creating a compelling risk-reward outlook, in our view, with growth likely compensating for known concerns (steel inflation, solar growth) prospectively. Around growth, we think ROCK’s reformed portfolio (EBIT Mix: 57% Residential,
30% Solar, 8% AgTech, 4% Industrial) is overlooked by investors, with M&A catalyst(s) likely given its low leverage."
Shares of Gibraltar Industries closed at $73.80 yesterday.
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