UPDATE: Topeka Capital Markets Initiates Coverage on Worthington Industries with Hold Rating, $23 PT

In a report published Friday, Topeka Capital Markets initiated coverage on Worthington Industries

with a Hold rating and $23.00 price target. Topeka Capital noted, “We are initiating coverage of Worthington Industries (WOR) with a Hold rating and $23 price target. While we believe the Company is well positioned to benefit from key end markets such as automotive and construction, especially from a longer-term perspective, we believe the near-term economic headwinds will likely overshadow the longer-term drivers. We also believe management's on-going operational process improvement initiatives and strategic transactions, including share repurchases, should continue to augment earnings growth. Nonetheless, given some of the more economically sensitive and shorter-cycle end markets as well as a more commodity based product profile (relative to higher valued-added specialty metals), we believe it is prudent to be more opportunistic in terms of initiating or adding to existing positions.” Worthington Industries closed on Thursday at $20.99.