UPDATE: Mont Blanc Capital Initiates Coverage on Flexible Solutions International with Buy Rating, $2.50 PT

In a report published Wednesday, Mont Blanc Capital initiated coverage on Flexible Solutions International FSI with a Buy rating and $2.50 price target. Mont Blanc noted, “We are initiating coverage of Flexible Solutions International Inc. with a Buy rating and $2.50 target price. Our target price is based on a P/E multiple of 13 times our 2014 diluted EPS estimate of $0.23, discounted one year at 20% reflecting the uncertainty on the timing of the Taber ramp. We believe the Company should continue to see top line growth as its Ag distributors add accounts, and more importantly, see significant margin improvement as it increases capacity at Taber.” Flexible Solutions International closed on Tuesday at $1.23.