UPDATE: Canaccord Genuity Initiates Coverage on Belden with Buy Rating, $62 PT on Three-Year ROIC Goal

In a report published Thursday, Canaccord Genuity analyst John Quealy initiated coverage on Belden

with a Buy rating and $62.00 price target. In the report, Quealy noted, “Belden is capitalizing on the advancement of digital networking technology, especially within energy and industrial end markets. Coupled with its core connectivity business, we find the company's three-year ROIC goal of 15-17% (from ~13%) to be attractive and achievable.” Belden closed on Wednesday at $51.81.