UPDATE: Bank of America Raises PT on Altra Holdings on Higher Margin Forecast

In a report published on Wednesday morning, Bank of America analyst Anna Kaminskaya raised the price objective from $24.00 to $28.00 on Altra Holdings (NASDAQ: AIMC) and maintained an Underperform rating.

The report stated, "We recently hosted AIMC at our SMID Cap conference, which provided some preview into the company's inaugural analyst day on May 16th in NYC. Management will focus primarily on its operational turnaround and margin expansion story over the next several years with its target of ~18% EBITDA, incl. completion of SAP implementation, continued Bauer improvement, strategic pricing, and lean initiatives. Another important aspect of the analyst day will be its strategic marketing activity, with a focus on continued market share gain, which has been key to AIMC's top-line growth outperformance vs. its peers over the past year. Overall, we expect the day to be well-received by investors, although we think some of it is already reflected in the stock following its recent run."

Altra Holdings currently trades at $28.36.