UPDATE: Global Hunter Securities Initiates Accumulate Rating, PT of $30 on Encore Wire
Global Hunter Securities initiates coverage on Encore Wire Corp. (NASDAQ: WIRE) with an Accumulate rating and a price target of $30 as company is seen well positioned to emerge successfully from macro weaknesses.
GHS says, “we would encourage investors to build a position in WIRE on macro-related weakness as we see the company as well positioned to weather economic uncertainty and to emerge from any potentially weak near-term period successfully. We are initiating coverage of Encore Wire Corp. with an Accumulate rating and $30 price target, which is based on EV/EBITDA multiples of 9.2x and 9x our 2011 and 2012 estimates, respectively.”
WIRE closed at $25.98 per share on Friday.
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