Hudson Securities Reiterates Buy Rating on Northern Technologies International Corp. (NTIC)

Hudson Securities is out with a research report this morning, where it reiterates its Buy rating on Northern Technologies International Corp. NTIC; it has a $19.00 price target on the stock, up from $17.00. The HS analysts cited the company's recent earnings results, which were slightly better than expected. Northern Technologies reported 2Q11 EPS of $0.22 vs $0.08 in 2Q10 and the analysts' estimate of $0.21. As for valuation, the analysts remarked, “We are maintaining our 2011 EPS estimate of $0.88 and our 2012 EPS estimate of $1.15. We are raising our target price to $19 from $17 based on 16.5x our 2012 EPS estimate of $1.15.”