Hudson Maintains Neutral on Valmont Industries (VMI)

Hudson is out with its report today on Valmont Industries VMI, maintaining Neutral. In a note to clients, Hudson writes, "Irrigation is progressing at a pace that could surpass the previous super-peak year of 2008 but the more encouraging news is that orders are continuing a recovery on the Utility Support side of the business. However, steel costs and a pretty dismal outlook in Engineered Support give us some concern. Stock continues to look fairly valued at current levels. We are maintaining our target price of $111 based on 17x our 2012 EPS of $6.55." Shares of VMI closed Friday at $102.83.