UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Worthington Industries

In a report published Friday, J.P. Morgan & Co. reiterated its Neutral rating on Worthington Industries WOR, and slightly raised its price target from $26.00 to $27.00. J.P. Morgan noted, “Our Dec 2013 price target increases to $27 from $26 as we roll forward our valuation to include newly issued FY14 estimates, which reflect modest year over year growth with improving efficiencies, recovering commercial construction activity, and expanded contributions from recent acquisitions. We are also lowering FY13 estimates to reflect near term pressures from declining steel prices which further undermine already skittish steel purchasing patterns when combined with economic and political uncertainty. Early indications of slowing growth in previously strong automotive, mining and heavy equipment end markets also merit a more modest earnings expansion in FY2H13. While we favor Worthington's relatively defensive nature amidst frequent steel price cycles, we reiterate our Neutral rating on WOR with a relative preference for companies with greater earnings leverage to a commercial construction recovery, higher dividend yields, and more defined growth projects.” Worthington Industries closed on Thursday at $22.06.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorPrice TargetReiterationAnalyst RatingsJ.P. Morgan & Co.
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!