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Benzinga
Benzinga
Business
Akanksha Bakshi

Wells Fargo Upgrades Enerpac Tool - Read Why

Epac Wells Fargo Industrial NYSE Inflation
  • Wells Fargo analyst Michael McGinn upgraded Enerpac Tool Group Corp (NYSE:EPAC) to Overweight from Equal-weight and raised the price target to $23 (an upside of 21%) from $22.
  • Although market conditions are less than ideal, the analyst has been surprised EPAC shares have continued to melt from their weakened year-end starting point as Industrial with overweight mining/ infrastructure/ energy exposure have fared better given the commodity surge.     
  • McGinn mentions that EPAC has seen many management changes, new long-term margin targets, and announced a hefty 10 million shares repurchase authorization equivalent to 17% of the float.
  • The analyst states that he is upgrading shares to Overweight after accounting for the aforementioned self-help elements, washed-out sentiment, and a pricing structure that has now caught up to inflation.
  • Price Action: EPAC shares are trading higher by 5.26% at $18.92 on the last check Wednesday.
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