RBC Capital Upgrades Atkore (ATKR) to Outperform

RBC Capital analyst Deane Dray upgraded Atkore (NYSE: ATKR) from Sector Perform to Outperform with a price target of $46.00 (from $39.00).

The analyst commented, "As part of our sector call to increase the cyclical weighting in our Investment Framework, we are upgrading Atkore from Sector Perform to Outperform. Despite all the COVID challenges this year, this well managed SMID cyclical has achieved impressive high-quality earnings momentum, while the stock is still trading at a sector-low 56% relative P/E discount to peers. Given a backdrop of sequential macro improvements and positive vaccine news, we believe this is the right time to increase cyclical exposure to an electrical products name like Atkore. Strong FCF and a healthy balance sheet should fuel value-creating bolt-ons and buybacks."

For an analyst ratings summary and ratings history on Atkore click here. For more ratings news on Atkore click here.

Shares of Atkore closed at $39.63 yesterday.

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