UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on Worthington Industries

In a report published Friday, Goldman Sachs Group reiterated its Neutral rating on Worthington Industries WOR, and raised its price target from $20.00 to $23.00. Goldman Sachs noted, “Worthington commented that it has started to see slowing in its key end markets such as automotive, mining and agriculture, though at this time, those industries are still seeing year-over-year growth. Continued falling steel prices are expected to pressure the company's Processed Steel business, and WOR's Engineered Cabs segment will likely see much lower volume considering the segment's largest customer, CAT, announced lower guidance and outlook earlier this week. However, Pressure Cylinder demand remains strong and the segment should benefit from the addition of Westerman. Continued strong performance at WOR's WAVE joint venture and the addition of new joint venture projects should continue to bolster earnings.” Worthington Industries closed on Thursday at $22.06.