UPDATE: Stifel Reiterates Buy, Raises PT On L.B. Foster On News Of Chemtec Acquisition Agreement

In a report published Tuesday, Stifel analyst Michael Baudendistel reiterated a Buy rating on

, and raised the price target from $58.00 to $60.00. In the report, Stifel noted, “Yesterday, L.B. Foster Company announced an agreement to acquire Chemtec Energy Services, LLC. Chemtec is a manufacturer and service provider of equipment serving the oil and gas market. The company's products include equipment that facilities the processes of blending, injection and custody transfer of oil and gas.” L.B. Foster closed on Monday at $46.76.