UPDATE: Global Hunter Securities Upgrades Coleman Cable

According to a research report published this morning, Global Hunter Securities has upgraded Coleman Cable CCIX from Neutral to Accumulate. In the report, Global Hunter Securities commented, "Coleman Cable reported strong Q1 FY2012 results at the top range of its prior guidance and beating our estimates and consensus on both top and bottom line. The company achieved over 7% Y/Y growth despite a 13.5% Y/Y decline in copper prices, driven by a 10.3% increase in volumes and incremental contributions from recently completed acquisitions. CCIX also provided Q2 guidance of $220MM-$230MM in revenues, $0.24-$0.38 in non-GAAP EPS and $19MM-$22MM in EBITDA, relatively in line with prior estimates. The company was able to pass through price increases in late Q1 which should benefit its margins going forward and is currently working on a number of initiatives to mitigate its operating and overhead costs." Global Hunter Securities maintains its $11 PT on Coleman Cable, which is currently trading at $9.40.