Stifel Nicolaus reiterated its Buy rating on General Cable BGC and raised its price target from $40 to $42 a share.
Stifel Nicolaus commented, "General Cable has completed the acquisition of the North American portion of Alcan Cable (85%- 90% of revs) from Rio Tinto plc for $151 million. BGC anticipates that it will close on the Chinese portion of the business (purchase price ~$34 million) by y/e 2012. The acquisition is expected to contribute ~$650-$700 million in revenue at current metal prices."
General Cable closed at $27.37 on Tuesday.
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