Market Overview

UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on Worthington Industries

Related WOR
Mid-Day Market Update: Micron Climbs On Earnings Beat; OvaScience Shares Slide
Mid-Afternoon Market Update: Worthington Drops On Earnings Miss; Fred's Shares Spike Higher

In a report published Friday, Goldman Sachs Group reiterated its Neutral rating on Worthington Industries (NYSE: WOR), and raised its price target from $20.00 to $23.00.

Goldman Sachs noted, “Worthington commented that it has started to see slowing in its key end markets such as automotive, mining and agriculture, though at this time, those industries are still seeing year-over-year growth. Continued falling steel prices are expected to pressure the company's Processed Steel business, and WOR's Engineered Cabs segment will likely see much lower volume considering the segment's largest customer, CAT, announced lower guidance and outlook earlier this week. However, Pressure Cylinder demand remains strong and the segment should benefit from the addition of Westerman. Continued strong performance at WOR's WAVE joint venture and the addition of new joint venture projects should continue to bolster earnings.”

Worthington Industries closed on Thursday at $22.06.

Latest Ratings for WOR

Dec 2016JefferiesDowngradesHoldUnderperform
Nov 2016MacquarieDowngradesNeutralUnderperform
Sep 2016MacquarieMaintainsNeutral

View More Analyst Ratings for WOR
View the Latest Analyst Ratings

Posted-In: Goldman Sachs GroupAnalyst Color Price Target Analyst Ratings


Related Articles (WOR)

View Comments and Join the Discussion!