AZZ reaches 52-week high, shares up 8%
AZZ Incorporated (NYSE:AZZ) reached a 52-week high on Tuesday at $43.04 after a research firm raised the Fort Worth, Texas-based electrical equipment and components manufacturer’s target price. Analysts at DA Davidson maintained the “buy” rating for AZZ, but upped the company’s 12-18 month target price from $36 to $47. Last week, AZZ reported its fiscal first-quarter profit had doubled from the same quarter a year ago, and the company raised its 2009 fiscal-year outlook. Also last week, the company announced it had signed an agreement to acquire privately held Canadian company Blenkhorn and Sawle Limited. AZZ’s shares have gained 26.7% during the past year.
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