Zacks Investment Research upgraded shares of Gibraltar Industries Inc. (ROCK) from UNDERPERFORM to OUTPERFORM on March 28, 2014, with a target price of $22.00.
Gibraltar Industries reported impressive results for the fourth quarter of 2013. While adjusted earnings per share jumped 60% year over year to $0.08, revenues recorded a hike of 9% year over year to $189 million. The increase in earnings was due to improved revenues and margins in the quarter. The company recorded 3% year-over-year increase in organic revenues while inorganic revenues contributed the rest. Gibraltar Industries boasts a strong cash balance, which will be used for further acquisitions as well as reinvestment in the business for organic growth. The global construction industry is also expected to increase which will enable the company to gain from the residential new construction and repair and remodeling activities. Based on the above factors, we are upgrading our recommendation on the stock to Outperform from Underperform.
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