Jefferies Initiates Coverage On WOR

Jefferies is initiating coverage on Worthington Industries WOR with a Hold rating and a $26 price target. In its report, Jefferies writes, “Favorable Long Term Story: Though we maintain a favorable outlook on the company's long term earnings prospects, we see risk-reward as balanced following WOR's recent earnings beat (and subsequent rise in valuations). Seeking a more attractive entry point into the shares, we rate WOR a Hold at this time. Our $26 target price values the shares at 14x F2012 EPS, roughly in line with long term historical median levels.” WOR closed at $23.39 yesterday.