B.Riley FBR analyst Christopher Van Horn reiterated a Buy rating on LB Foster Company (FSTR) today and set a price target of $30. The company’s shares closed on Friday at $24.52, close to its 52-week high of $26.48.
Van Horn noted:
“Given recent award activity, product innovation, improving product mix, and general macro strength in its end markets, L.B. Foster (FSTR) beat our estimates on both the top and bottom lines. We think that 2019 and 2020 are setting up to be above-market-growth years, driving additional appreciation in the stock. In addition, order growth and backlog growth came in strongly, with backlog rising to roughly $250M. Backlog growth was specifically strong in the company’s Construction and Rail segments, with backlogs growing over 17% and 15% in the quarter. Construction markets remain volatile, as many of the company’s revenues are lumpy in the segment; however, the segment has shown solid, consistent growth over the past few quarters.”
According to TipRanks.com, Horn is a 3-star analyst with an average return of 1.8% and a 47.1% success rate. Horn covers the Consumer Goods sector, focusing on stocks such as Standard Motor Products, Methode Electronics, and Hickok Incorporated.
Currently, the analyst consensus on LB Foster Company is a Moderate Buy with an average price target of $30.
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Based on LB Foster Company’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $41.15 million. In comparison, last year the company had a GAAP net loss of $2.02 million.
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L.B. Foster Co. engages in the manufacture, fabrication, and distribution of products and services for the transportation and energy infrastructure. It operates through the following segments: Rail Products and Services; Construction Products; and Tubular and Energy Services.
