RBC Capital analyst Deane Dray raised the firm’s price target on Atkore to $177 from $139 and keeps an Outperform rating on the shares after its Q1 earnings beat. The company’s growth story "impressively" carried into the new year, with a 20% midpoint-to-midpoint boost to FY23 EPS guidance, the analyst tells investors in a research note. The firm maintains its view that Atkore’s normalization path will be much smoother after its "over-earning" in FY22, while noting that its valuation is "compelling" at just 5.6-times expected EBITDA.
Published first on TheFly
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Read More on ATKR:
- Atkore price target raised to $170 from $150 at Loop Capital
- Atkore price target raised to $161 from $146 at B. Riley
- Atkore raises FY23 adjusted EPS view to $15.85-$17.75 from $13.10-$14.90
- Atkore reports Q1 adjusted EPS $4.61, consensus $3.98
- Atkore initiated with a Buy rating, $146 target at B. Riley
