UPDATE: Sterne Agee Initiates Coverage on Synalloy Corporation with Buy Rating, $22 PT on Attractive Investment Opportunity

In a report published Thursday, Sterne Agee analyst Todd Vencil initiated coverage on Synalloy Corporation SYNL with a Buy rating and $22.00 price target. In the report, Sterne Agee noted, “We are initiating coverage of SYNL with a Buy rating, as we believe the outlook for growth is shaping up nicely, and the fact that the company is still relatively unknown presents investors with a shot at building positions at a very attractive valuation.” Synalloy Corporation closed on Wednesday at $16.36.