New York, September 29 (FinanceEnquiry.com) – Analysts at Goldman Sachs Group reiterate their NEUTRAL rating on the shares of Worthington Industries, Inc (NYSE: WOR). The 12-month target price has been raised from $20.00 to $23.00.
In a research note published on September 28, the analysts mention that even though at this point in time, industries such as automotive, mining and agriculture are still observing year-over-year growth, yet as commented by Worthington Industries, it began to notice deceleration in these types of major end markets.
In addition to this, taking into account the largest customer of segment, CAT, which proclaimed lower guidance and outlook earlier this week, Engineered Cabs segment of Worthington Industries would probably see much lower volume and moreover this, the Processed Steel business of the company is expected to be pressured by constantly falling prices of steel.
On the other hand, from the addition of Westerman, the segment should be benefited and demand of Pressure Cylinder stays solid. Earnings should keep on boosting by persistent strong performance at WAVE joint venture of Worthington Industries and the addition of new joint venture projects. Moreover, on September 27, Worthington Industries closed at $22.06, the analysts add further.
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