UPDATE: Stifel Nicolaus Raises PT to $42 on General Cable on Alcan Cable Acquisition

Stifel Nicolaus reiterated its Buy rating on General Cable

and raised its price target from $40 to $42 a share. Stifel Nicolaus commented, "General Cable has completed the acquisition of the North American portion of Alcan Cable (85%- 90% of revs) from Rio Tinto plc for $151 million. BGC anticipates that it will close on the Chinese portion of the business (purchase price ~$34 million) by y/e 2012. The acquisition is expected to contribute ~$650-$700 million in revenue at current metal prices." General Cable closed at $27.37 on Tuesday.