UPDATE: D.A. Davidson Reiterates Buy Rating, Raises PT on Valmont Industries Following 2Q Earnings Report

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In a report published Friday, D.A. Davidson analyst Brent Thielman reiterated a Buy rating on
Valmont IndustriesVMI
, and raised the price target from $185.00 to $190.00. In the report, D.A. Davidson noted, “Valmont reported second quarter earnings of $3.33 per share compared to $2.24 last year (49% year-over-year earnings growth). This compares to our estimate of $2.88 per share and consensus of $2.92. The quarter included a $0.16 per share gain from divestiture of a galvanizing plant in Australia; excluding the gain, earnings were $3.17 (well above expectations). Continued strong results from Irrigation and Utility, coupled with improved profitability in EIP drove the outstanding results.” Valmont Industries closed on Thursday at $151.08.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsBrent ThielmanD.A. Davidson
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