Imperial Capital Raises Price Target on Anixter Int'l (AXE) to $64 Following In-Line 2Q

Imperial Capital reiterated an In-Line rating on Anixter International (NYSE: AXE), and raised the price target to $64.00 (from $60.00), following 2Q report. Anixter reported 2Q16 revenue of $1.96bn, consistent with Street estimates. Adjusted EPS of $1.32 was also consistent with consensus.

Analyst Jeff Kessler commented, "We are maintaining our In-Line rating, but raising our one-year price target to $64 from $60 on AXE shares. Our price target is about 6% above the recent share price. We believe that the company is moving past the initial integration challenges, and is now starting to improve its cross-selling capabilities. We also believe that over the next several quarters, oil and gas, and the industrial projects slowdown could continue to ease and improve the growth prospects for Anixter."

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

Shares of Anixter International closed at $60.23 yesterday.

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