UPDATE: Wedbush Reiterates Neutral Rating, Raises PT for AMCOL International
In a report published earlier today, Wedbush Securities Inc. reiterated its Neutral rating for AMCOL International Corp. (NYSE: ACO) and raised its price target from $30.00 to $32.00.
Wedbush said in its report “We are reaffirming our cautious stance on shares of AMCOL International (ACO) after the company delivered Q1 revenue growth of 8.3% and improved gross and operating margins versus the year-ago period. The improved but in-line performance was primarily attributed to (i) increased selling prices and demand for metalcasting and drilling fluids products; (ii) international demand within Oilfield Services, particularly for coil tubing and water filtration services; and (iii) several non-operating items including JV income from Japan and Mexico operations and lower effective tax rate.”
AMCOL International Corp. closed at $32.19 on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: Wedbush Securities