UPDATE: KeyBanc Capital Markets Upgrades Gibraltar Industries to Buy

KeyBanc Capital Markets raises its rating on Gibraltar Industries

to Buy with a $17 price target following management meeting highlights. KeyBanc Capital Markets notes, "Management meetings that affirmed: 1) our confidence that its U.S. industrial (energy/chemical) markets will continue growing; 2) its national distribution is gaining U.S. residential share (gutter, roofing items); and 3) ongoing M&A remain an upside possibility. We think the significant sell-off post weak 4Q11 results (tied to high SG&A reflecting stock appreciation) represents an attractive entry point, with our $17 price target (21x/15x our 2012E/2013E EPS) within past trading ranges." ROCK closed at $13.70 a share yesterday.