UPDATE: Ascendiant Initiates Hardinge at Buy as Acquisitions and Investments Enhance Capabilities

In a report published on Friday, Ascendiant analyst Christopher Bamman initiated coverage on Hardinge HDNG with a Buy rating and a $17 price target.

In the report, Ascendiant commented that, "Hardinge Inc. has completed five acquisitions since 2000. The recent acquisition of Forkardt is expected to increase higher margin workholding revenue to one third of total sales from roughly one quarter of sales currently. Additionally, the company has made investments in existing facilities to improve productivity and expand capacity."

Hardinge closed on Thursday at $14.21