UPDATE: Topeka Capital Markets Reiterates Buy Rating, Raises PT on American Vanguard Corporation

In a report published Monday, Topeka Capital Markets reiterated its Buy rating on American Vanguard Corporation AVD, and raised its price target from $39.00 to $45.00. Topeka Capital noted, “We are maintaining our Buy rating on AVD despite the strong share price appreciation since our initiation on September 6. The stock is up 18% in the past 3 weeks vs. the S&P 500's 2-3% gain. We are raising our target price, from $39 to $45, to reflect rich recent deal multiples in the ag/crop protection industry, which suggest a scarcity of assets. We also have increased confidence AVD can beat 2H12 estimates, reflecting recently-implemented insecticide and herbicide price increases.” American Vanguard Corporation closed on Friday at $34.80.