In a report published Friday, Sterne Agee analyst Jay McCanless initiated coverage on Universal Forest Products UFPI with a Buy rating and $45.00 price target.
In the report, Sterne Agee noted, “We are initiating coverage of UFPI with a Buy rating and a $45 PT. Our PT is a 6.7x EV/EBITDA multiple on our FY14E EBITDA of $121.5 million, which is in line with UFPI's historical mid-cycle EV/EBITDA valuation of 6.0x to 7.5x.”
Universal Forest Products closed on Thursday at $38.11.
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