UPDATE: Topeka Capital Markets Initiates Coverage on Universal Stainless & Alloy Products with Buy Rating, $48 PT

In a report published Wednesday, Topeka Capital Markets initiated coverage on Universal Stainless & Alloy Products

with a Buy rating and $48.00 price target. Topeka Capital Markets noted, “We are initiating coverage of Universal Stainless & Alloy Products (USAP) with a Buy rating and $48 price target. As a manufacturer and marketer of semi-finished and finished steel, the Company should benefit from its recovering key end markets including commercial aerospace and oil & gas. Additionally, USAP should continue to benefit from ongoing efficiency programs, which are targeted to improve numerous metrics including production cycle times and on-time delivery schedules. We highlight the Company's acquisition of Patriot, which we view as a truly transformational transaction.” Universal Stainless & Alloy Products closed on Tuesday at $38.38.