UPDATE: Topeka Capital Markets Upgrades A.M. Castle to Buy on Operating Initiatives
Topeka Capital Markets raised its rating on A.M. Castle (NYSE: CAS) from Hold to Buy and increased its price target from $13 to $16.
Topeka Capital Markets commented, "We recently hosted investor meetings with the management of CAS, including the new CEO Scott Dolan. While we understand initiatives to improve the structure and general operating efficiencies within the Company have been in the planning stage for some time, we sensed a greater urgency in implementing them. We also believe the scope and breadth of the initiatives are likely more vast given Mr. Dolan's fresh perspective on the Company as well as his extensive operating experience and expertise. While macro risks remain for CAS, we believe the operational and structural changes that are likely underway will dramatically improve the Company's earnings potential."
A.M. Castle closed at $12.75 on Friday.
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