UPDATE: Altra Holdings (AIMC) PT Raised to $65 as Oppenheimer Sees Room to Run
Oppenheimer analyst Bryan Blair raised the price target on Altra Holdings (NASDAQ: AIMC) to $65.00 (from $62.00) on the belief that further recognition of the portfolio quality (evidenced by significant 2020 outperformance), compelling earnings/cash flow upside (including >$4.00 EPS potential by 2022-23E), and improving balance sheet (estimated 2.5x net leverage in 2H21) should drive shares higher over the coming quarters.
The analyst reiterated an Outperform rating, stating "Although we believe the early-cycle trade has largely played out (on 2020E, re-rating AIMC valuation to reasonable levels) and Class 8 and medical end-market dynamics complicate near-term modeling, we expect Altra's operating results will continue to surprise to the upside. In turn, we believe AIMC will screen increasingly well (attracting broader support from mid-cap investors) as profitability and balance sheet metrics strengthen during the pandemic recovery."
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