UPDATE: Stifel Nicolaus Initiates Buy, $34 Target on Actuant Corporation
Stifel Nicolaus initiates its coverage on Actuant Corporation (NYSE: ATU) with a Buy rating and a $34 target price as the company gradually repositions its portfolio.
Stifel Nicolaus says, "Actuant targets smaller, bolt-on acquisitions in niche markets to supplement organic growth strategies. Acquisition criteria include growth rates in excess of GDP in vertical markets with an underlying secular growth story where the high cost of downtime and safety among other mission-critical type applications drive product acceptance. We see a recurring revenue component and the ability to strengthen relationships with end users through value-added services as criteria for potential acquisitions."
ATU closed at $27.79 a share on Monday.
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