Jefferies Raises PT on Actuant to $35 (ATU)

Jefferies is out with its report today on Actuant ATU, raising its PT from $32 to $35. In a note to clients, Jefferies writes, "Jefferies sponsored ATU's CFO and VP-IR for investor meetings. Management's tone in the meetings was quite positive. The meetings increased our conviction in this story. We believe our thesis is intact: ATU is positioned for a period of strong, multi-year earnings growth. Our target price is now $35. We are increasing our EPS estimates as follows: in F11 by $0.06 (4%) to $1.58, and we are at the high end of the guidance of $1.45-$1.60; in F12 by $0.20 (12%) to $1.92, and we are now above the Street." Jefferies maintains Buy on ATU. Shares of ATU closed Friday at $27.67.