UPDATE: Rosenblatt Starts Thermon Group Holdings (THR) at Buy

March 16, 2020 5:26 AM EDT
Get Alerts THR Hot Sheet
Price: $17.03 +0.59%

Rating Summary:
    7 Buy, 4 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 11 | New: 19
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(Updated - March 16, 2020 6:58 AM EDT)

(updated to add analyst comments)

Rosenblatt analyst Scott Graham initiates coverage on Thermon Group Holdings (NYSE: THR) with a Buy rating and a price target of $22.00.

The analyst commented, "It's a good day to be in the heat tracing business" ... was the long-held mantra of the former CEO. We would counter: heat tracing is a very good business, just not today. THR derives over half its sales from the Oil & Gas market. We expect large sales and earnings declines over the next 3 quarters. But earnings should begin to rise again in F2H21 as sales stabilize and the margin benefits from mix shifts toward MRO. Also supporting our view is a large project win and our belief the current CEO and his team will hatch new cost-down measures. In our opinion, THR's 40% sell-off this year contemplates neither its long-term MRO-based earnings nor the initiatives being undertaken by management to upgrade THR's business model and improve its fundamentals. We are initiating coverage with a Buy rating and $22 price target."

For an analyst ratings summary and ratings history on Thermon Group Holdings click here. For more ratings news on Thermon Group Holdings click here.

Shares of Thermon Group Holdings closed at $16.03 yesterday.



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