In a report published Friday, Topeka Capital Markets reiterated its Hold rating on Worthington IndustriesWOR
, and raised its price target from $23.00 to $25.00. Topeka Capital noted, “Worthington Industries (WOR) reported F2Q13 EPS results of $0.45 versus our estimate of $0.40 and consensus of $0.41 (range: $0.35 - $0.45). Revenue results declined 6.5% sequentially, but increased 10.1% YoY, which was slightly below both our and the consensus estimate. However, a higher than anticipated gross margin and equity income more than offset this relative to our estimates. Consequently, we are modestly increasing our 2013 estimates. Furthermore, given the encouraging gross margin performance we are applying a slightly higher multiple and increasing our price target to $25 from $23. While recent share price performance has been strong, we continue to prefer a more opportunistic entry point and consequently are maintaining our Hold rating.” Worthington Industries closed on Thursday at $26.81.
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