UPDATE: JP Morgan Raises PT to $30 on Actuant following FQ4 Conference Call
JP Morgan reiterated its Neutral rating on Actuant (NYSE: ATO) and raised its price target from $28 to $30.
JP Morgan noted, "We are maintaining our Neutral rating, as we view the risks and rewards as equally balanced; the outlook for the energy market remains strong, but is tempered by uncertainty caused by limited visibility in Europe and China. We are establishing our December'13 price target of $30 vs. our prior YE'12 price target of $28, which reflects a P/E multiple of ~14x our FY'14E EPS of $2.39, discounted back to YE'13."
Actuant closed at $28.38 on Thursday.
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