Hudson Raises PT on AZZ Inc. to $53 (AZZ)

Hudson is out with its report today on AZZ Inc.

, raising its PT from $47 to $53. In a note to clients, Hudson writes, "The company generated $42 million in operating cash flow in FY2011 and had cash on hand of $138 million as of the end of the fiscal year due to the issuance of $125 million in unsecured 10-year senior notes with an interest rate of 5.42%. Proceeds will likely be used for acquisitions going forward. We are raising our price target to $53 from $47 based on 17x our 2012 EPS estimate of $3.10." Hudson maintains Buy on AZZ. At the time of posting, shares of AZZ were trading at $45, up 3.83% from Thursday's close.