Oppenheimer analyst Ian Zaffino maintained a Buy rating on Forterra Inc (NASDAQ: FRTA) today and set a price target of $13. The company’s shares closed yesterday at $8.80.
Zaffino said:
“Helped by high selling prices and procurement initiative at Drainage, partially offset by higher scrap costs at Water, FRTA reported solid 2Q18 results. Adjusted EBITDA of $57.6M compared to our/Street’s $54M/$55M, and guidance of $50-58M. Going into 2H18, management anticipates solid YoY improvements in Drainage margins owing to strong end-market demand fundamentals and a solid backlog. Water should also continue to see margin improvements as management takes price and cost actions to capitalize on strong market demand. 3Q18 guidance calls for EBITDA of $60-68M. Our FY2018 outlook remains unchanged. Maintain Outperform.”
According to TipRanks.com, Zaffino is a 4-star analyst with an average return of 3.7% and a 56.4% success rate. Zaffino covers the Services sector, focusing on stocks such as Servicemaster Global Holdings, Wyndham Destinations Inc, and Peak Resorts.
The word on The Street in general, suggests a Hold analyst consensus rating for Forterra Inc.
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The company has a one-year high of $12.30 and a one-year low of $3.02. Currently, Forterra Inc has an average volume of 278.9K.
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Forterra, Inc. manufacturers and sales pipe and precast products. The firm provides critical infrastructure components for a spectrum of construction projects across residential, non-residential and infrastructure markets. It operates through the flowing segments: Drainage Pipe & Products, Water Pipe & Products and Corporate & Other . The Drainage Pipe & Products segment is a producer of concrete drainage pipe and precast products in the United States and Eastern Canada. The Water Pipe & Products segment is a producer of ductile iron pipe and concrete and steel pressure pipe. The Corporate & Other segment consists of corporate overhead locations in the United States. The company was founded in 2005 and is headquartered in Irving, TX.
