UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on A.M. Castle & Co.

In a report published Friday, Jefferies & Company reiterated its Buy rating on A.M. Castle & Co.

, and raised its price target from $13.50 to $15.00. Jefferies noted, “CAS missed est. for 3Q and guided 4Q lower on weaker demand and customer destocking. Our decision to maintain our BUY and increase target multiples to levels closer to peers gives new mgmt. some benefit of the doubt that CAS is on an improved strategic path and that cost reduction initiatives will accelerate. We continue to see substantial upside potential for CAS should efforts to right-size costs and improve margins prove successful.” A.M. Castle & Co. closed on Thursday at $12.75.