UPDATE: Monness Crespi Hardt Downgrades Mueller Industries to Neutral as Shares Appear Fairly Priced

In a report published Friday, Monness Crespi Hardt analyst Herb Hardt downgraded the rating on Mueller Industries MLI from Buy to Neutral. In the report, Monness Crespi Hardt noted, “After reaching the price target of $60.00 the shares of Mueller Industries are being downgraded to Neutral. Mueller has been a consistent free cash generator and should continue to be so. The balance sheet now has cash equal to $322 million ($11.40/share), more than offsetting debt of $240 million. However, this is a cyclical business, and at a multiple of 18x the $3.30/share estimated for 2013, the shares at these levels appear fairly priced.” Mueller Industries closed on Thursday at $60.29.