Hudson Securities Raises Valmont Industries PT To $111, Maintains Neutral (VMI)

Hudson Securities raised its Valmont Industries VMI price target from $80 to $111 and maintained its Valmont Industries Neutral rating in a research report published today. In the report, Hudson Securities states, "What sent the stock soaring on Friday on guidance that was essentially in line with consensus; was the announcement that the company had received roughly $100 million in Utility orders this year and that the strong 4Q10 Irrigation volumes do not appear to be pulling in demand from 1Q11 as 2011 is off to a strong start. This leads to the thinking that Irrigation can carry Valmont for 2011, Utility and eventually Engineered Support can drive longer term growth in 2012 and beyond. However, there is a considerable amount of lumpiness in Valmont's results and valuation looks fair at current levels, even on our new numbers." Shares of Valmont Industries were trading at $105.78 at the time of posting, down 4.06% from last Friday's market close.