UPDATE: Stifel Nicolaus Raises PT to $156 on Valmont Industries on Strong Quarter
Stifel Nicolaus reiterated its Buy rating on Valmont Industries (NYSE: VMI) and raised its price target from $150 to $156.
Stifel Nicolaus said, "We are maintaining our current 2012 estimates and reducing our 2013 forecast slightly. In the previous 2-3 months we believe Valmont's irrigation markets have firmed (as detailed in our Dealer survey) while the coatings market in Australia is softening (as evidenced by recent rate cuts and mining industry commentary). Net, we believe these changes will roughly offset leading to a minor reduction in our 2013 estimates."
Valmont Industries closed at $129.82 on Friday.
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