UPDATE: Stifel Reiterates Buy Rating, Raises PT on Headwaters on Positive Outlook

In a report published Tuesday, Stifel analyst John Baugh reiterated a Buy rating on

, and raised the price target from $15.00 to $16.50. In the report, Stifel noted, “We are raising our target price on HW from $15.00 to $16.50. The stock has been trading near our previous target price and we continue to believe the outlook for HW is positive. We arrive at our target price using a blended EV/EBITDA multiple of 9.775x a calendar 2015 EBITDA estimate. This is no change from our previous methodology and merely updates for a 12 month out forecast using calendar 2015 estimates. The blend comes from valuations of more traditional building products and cement/aggregate producers. Our calendar 2015 EBITDA estimate is roughly $170 million.” Headwaters closed on Monday at $14.75.