Synalloy Corp Coverage Initiated by Analysts at Sterne Agee (SYNL)
Equities research analysts at Sterne Agee initiated coverage on shares of Synalloy Corp (NASDAQ:SYNL) in a research note issued to investors on Thursday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $22.00 price target on the stock. Sterne Agee’s price target would suggest a potential upside of 34.46% from the company’s current price.
The analysts wrote, “We are initiating coverage of SYNL with a Buy rating, as we believe the outlook for growth is shaping up nicely, and the fact that the company is still relatively unknown presents investors with a shot at building positions at a very attractive valuation.”
Shares of Synalloy Corp (NASDAQ:SYNL) traded up 0.43% during mid-day trading on Thursday, hitting $16.432. 6,378 shares of the company’s stock traded hands. Synalloy Corp has a 1-year low of $12.26 and a 1-year high of $17.38. The stock has a 50-day moving average of $16.20 and a 200-day moving average of $15.20. The company has a market cap of $104.9 million and a P/E ratio of 20.18.
A number of other analysts have also recently weighed in on SYNL. Analysts at Stifel Nicolaus initiated coverage on shares of Synalloy Corp in a research note to investors on Wednesday. They set a “buy” rating on the stock. Separately, analysts at BB&T Corp. initiated coverage on shares of Synalloy Corp in a research note to investors on Thursday, October 10th. They set a “buy” rating and a $23.00 price target on the stock. Finally, analysts at Sidoti initiated coverage on shares of Synalloy Corp in a research note to investors on Monday, October 7th. They set a “buy” rating on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Synalloy Corp has an average rating of “Buy” and a consensus price target of $22.50.
Synalloy Corporation operates in two segments: the Metals Segment and the Specialty Chemicals Segment.
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