Belden upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs upgraded Belden to Buy from Neutral with a price target of $117, up from $93. The analyst says Belden’s exposure to broadband, fiber and industrial networking can support higher revenue growth despite macro weakness in the broader global enterprise and industrial markets. The firm likes the company’s higher exposure to North America, which its notes represents 60% of total company revenue. It finds the stock’s valuation attractive at current levels.