Hillenbrand initiated with a Strong Buy at CL King

CL King analyst Thomas Hayes initiated coverage of Hillenbrand with a Strong Buy rating and $61 price target. Hillenbrand has undergone a significant transformation over the past few years that uniquely leverages it to multiple global trends that have significant room to run, the analyst tells investors in a research note. Most of the transformation is likely in the rear-view mirror and that the focus will now be on optimizing the portfolio, which should be modestly less cyclical and should begin to spin off strong cash flows that will likely be used to deleverage, the firm says.