In a report published Friday, Piper Jaffray analyst Mike J. Ritzenthaler initiated coverage on RPM International RPM with an Overweight rating and $41.00 price target.
In the report, Piper Jaffray noted, “We are initiating coverage of RPM shares at Overweight and with a $41 target. Owning RPM shares over the next 12 months, in our view, is primarily a call on outsized (and at least margin-neutral) growth in Latin America, continued strong retail brand presence and remodeling, and a reacceleration in organic Industrial segment growth. Beyond 12 months, we believe significant upside potential remains from the energy & infrastructure exposure, expansion into admixtures in emerging regions and re-incorporating SPHC. Based on recent performance, some of the upside from the Consumer business is being priced into shares, but we believe more lies ahead.”
RPM International closed on Thursday at $33.42.
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