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Stern Agee analyst Michael Coleman lowered his rating Tuesday to "neutral" from "buy," noting that Valmont shares have risen from the $30 and $40 range in February to the $80 range this week. That compares to a 33 percent increase in the Standard & Poor's 500 index over the same period.
Coleman maintained his target share price of $87 and said his outlook for Valmont remained unchanged. The company stands to benefit from improved business in several of its segments, including irrigation and engineered support structures, he said.
At the same time, analysts at Stifel Nicolaus initiated coverage of Valmont on Tuesday with a "buy" on the stock and a $100 price target, according to StreetInsider.com
In April, analysts at DA Davidson downgraded Valmont from "buy" to "neutral."
Terry McClain, chief financial officer at Valmont, said the company has had great utility business so far this year. But the company cautioned analysts in its second-quarter earnings report last month that quarter-by-quarter performance could be uneven.
There also is uncertainty over how quickly the irrigation business might pick up and on progress in the federal highway bill, McClain said. The bill currently appears headed toward an 18-month extension rather than new legislation in October, he said.
Valmont projected earlier this year that its profits could be modestly lower than in 2008. By the second quarter, however, the company had changed its outlook and said it expected modestly higher profits than last year's record $132.4 million, or $5.04 a share, McClain said.
This report includes material from the Associated Press.
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