Citi Raises Price Target On Actuant Corporation (ATU)

Citi Investment Research is raising its price target on Actuant Corporation ATU from $24 to $25, after the company reported better than expected earnings. It has a Hold/Medium Risk rating on shares. In the research report, Citi writes, "The acceleration in Industrial sales and robust demand in early-cycle vehicle markets are additional data points consistent with the view that we are in this second phase of the economic recovery. Actuant's results follow the recent positive announcement by Cooper Industries, a Buy-rated stock, with 69% combined early- and mid-cycle exposure." Shares of Actuant gained 28 cents yesterday to close at $22.77, a gain of 1.25%.