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Atkore initiated with a Buy rating, $146 target at B. Riley
The Fly

Atkore initiated with a Buy rating, $146 target at B. Riley

B. Riley analyst Alex Rygiel initiated coverage of Atkore with a Buy rating and $146 price target. Atkore, which has been manufacturing electrical products for more than 60 years, has brands that are well known in the industry for quality and leading market share across numerous electrical, infrastructure, and safety product categories, Rygiel tells investors. Atkore has grown its net sales at a 21% compound annual growth rate since 2017 and he believes the company’s reorganizational efforts, focus on high-growth end markets and customer service should lead to year-over-year growth from FY23 levels, Rygiel added. Though near-term commodity deflation and broader economic trends are creating some headwinds, he sees Atkore being well positioned to benefit from several "long-term megatrends," the analyst added.

Published first on TheFly

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