- Lakeland Industries, Inc LAKE shares have been volatile in recent months and are down 10 percent since November 10.
- Singular Research’s Rishabh Jain initiated coverage of the company with a Buy rating and a long-term price target of $17.50.
- Lakeland’s strong competitive position and continued expansion into international markets indicate a bright future, Jain stated.
Lakeland Industries is engaged in the design, manufacture and sale of safety garments and accessories for industrial and public protective clothing market. The company’s strong competitive position and expansion into international markets augurs well for its future performance, analyst Rishabh Jain said.
He added, “The transfer of ownership of the company’s Brazilian subsidiary and exiting from Brazil enabled a shift in focus towards better performing segments.”
The company’s strength lies in its ability to deliver high quality products at short notice and move out of poor performing regions like Brazil. “LAKE has become a go - to manufacturer in crisis situations, owing to its ability to deliver high quality product on very short notice,” Jain wrote.
The Singular Research report noted, “Recent cost cutting initiatives have driven margins up, and the bottom line stands to benefit from a fixed operating cost structure.”
Foreign currency related headwinds and reduced demand due to an economic slowdown are the major risks facing Lakeland Industries.
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