UPDATE: Wedbush Initiates Valmont Industries at Neutral on Limited Upside

Wedbush initiated coverage on Valmont Industries VMI with a Neutral rating and a $160.00 price target. Wedbush said, "We believe Valmont offers an attractive way for investors to participate in the strong environment for irrigation and the healthy long-term outlook for infrastructure investment in power transmission, distribution, and transportation. However, given the appreciation in share price over the last 12 months (46.8% vs. 17.2% for the S&P Midcap) and, in our view, the modest potential upside, we would suggest investors look for weakness as a buying opportunity." Valmont Industries closed at $143.07 on Tuesday.