UPDATE: Jefferies Raises Price Target on Actuant to $31

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According to Jefferies, Actuant (NYSE: ATU) price target is raised to $31.Jefferies said that F1Q EPS were +38% YOY and exceeded expectations. “ATU is trading at ~10% discounts to peers on 12E and near 10-year low valuation multiples. Our price target of $31 (+$1) is based on ATU trading at par to projected mid-cycle peer multiples on YE12. Risks: Europe and FX.”Actuant closed yesterday at $22.47.

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