Market Overview

UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Worthington Industries

Related WOR
Top 4 Mid-Cap Stocks In The Steel & Iron Industry With The Highest Profit Margin
UPDATE: Topeka Capital Upgrades Worthington Industries, Inc.

In a report published Friday, J.P. Morgan & Co. reiterated its Neutral rating on Worthington Industries (NYSE: WOR), and slightly raised its price target from $26.00 to $27.00.

J.P. Morgan noted, “Our Dec 2013 price target increases to $27 from $26 as we roll forward our valuation to include newly issued FY14 estimates, which reflect modest year over year growth with improving efficiencies, recovering commercial construction activity, and expanded contributions from recent acquisitions. We are also lowering FY13 estimates to reflect near term pressures from declining steel prices which further undermine already skittish steel purchasing patterns when combined with economic and political uncertainty. Early indications of slowing growth in previously strong automotive, mining and heavy equipment end markets also merit a more modest earnings expansion in FY2H13. While we favor Worthington's relatively defensive nature amidst frequent steel price cycles, we reiterate our Neutral rating on WOR with a relative preference for companies with greater earnings leverage to a commercial construction recovery, higher dividend yields, and more defined growth projects.”

Worthington Industries closed on Thursday at $22.06.

Latest Ratings for WOR

DateFirmActionFromTo
Oct 2014KeyBancMaintainsBuy
Sep 2014Topeka CapitalUpgradesHoldBuy
May 2014Credit SuisseUpgradesNeutralOutperform

View More Analyst Ratings for WOR
View the Latest Analyst Ratings

Posted-In: J.P. Morgan & Co.Analyst Color Price Target Analyst Ratings

 

Related Articles (WOR)

Around the Web, We're Loving...

Get Benzinga's Newsletters