Worthington initiated with a Sell at Goldman Sachs

Goldman Sachs initiated coverage of Worthington Enterprises with a Sell rating and $50 price target. Over the last decade, Worthington has developed a portfolio of non-residential and consumer operations centered on engineered steel-based specifications that require a high level of technical expertise, the analyst tells investors in a research note. The firm believes the company is well positioned to execute against its initiatives, but looks for this to be more than offset by weak industry and end market dynamics over the next 12 months. This will result in peer relative underperformance, contends Goldman.