UPDATE: Wedbush Upgrades Valmont Industries to Outperform on Strong Results Amid Share Pullback

In a report published Monday, Wedbush analyst David L. Rose upgraded the rating on Valmont Industries

from Neutral to Outperform, and reiterated the $170.00 price target. In the report, Rose noted, “Another impressive quarter provides us with increased confidence in the outlook for Valmont as the fundamentals remain attractive. Given the recent pullback in share price and our comfort with the long-term outlook, we believe investors have another opportunity to purchase shares at a reasonable price. Adjusted EPS of $2.77 for the quarter were $0.25 ahead of the consensus estimate, and we are raising our estimates to $10.57, accordingly. Attractive opportunity to participate in irrigation and infrastructure. In our view, 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.” Valmont Industries closed on Friday at $144.46.