Hudson is out with its report today on Valmont Industries VMI, maintaining Neutral.
In a note to clients, Hudson writes, "Irrigation is progressing at a pace that could surpass the previous super-peak year of 2008 but the more encouraging news is that orders are continuing a recovery on the Utility Support side of the business. However, steel costs and a pretty dismal outlook in Engineered Support give us some concern. Stock continues to look fairly valued at current levels. We are maintaining our target price of $111 based on 17x our 2012 EPS of $6.55."
Shares of VMI closed Friday at $102.83.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsHudsonIndustrial MachineryIndustrialsValmont Industries
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