UBS Starts Atkore (ATKR) at Buy

UBS initiates coverage on Atkore (NYSE: ATKR) with a Buy rating and a price target of $20.00.

Analyst Shannon O'Callaghan commented, "Atkore has leading market positions, product breadth, and strong brands in the $13B U.S. electrical raceway market as well as the $3.5B U.S. mechanical products & solutions market. While the company has improved significantly under current management, we still see more work to do. We view higher new product vitality (currently ~4%, target for 15%), further M&A, and application of the Atkore Business System (ABS) as key drivers for Atkore to develop a higher margin, more differentiated product offering. From an end market perspective, we do see potential risk in Atkore's key non-residential market (~70% of sales) in 2017 as private construction is up 40% from its trough and slowing there could negatively impact revenue expectations."

For an analyst ratings summary and ratings history on Atkore click here. For more ratings news on Atkore click here.

Shares of Atkore closed at $16.85 yesterday.

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