UPDATE: Stifel Nicolaus Raises PT to $26 on Caesarstone Sdot-Yam on Outlook
Stifel Nicolaus reiterated Caesarstone Sdot-Yam (NASDAQ: CSTE) at Buy and increased the price target from $26.00 to $21.00.
Stifel Nicolaus commented, "The United States and Canada continue to perform well at this point and still represent the company's best opportunity for growth moving forward. Sales in the US were up 19.7% to $21.8 million and sales in Canada were up 29.3% to $10.9 million. Both businesses are on valid year ago comparisons after the acquired distribution in both markets. Management believes the region is seeing continuing progress on the adoption of quartz and the branding efforts leave the company in a good place to benefit from the changeover. The US should also see a nice benefit when the remodel market sees a meaningful turnaround, which we are still waiting for at this point."
Caesarstone Sdot-Yam closed at $20.71 on Wednesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.