Atkore price target lowered to $125 from $175 at KeyBanc

KeyBanc lowered the firm’s price target on Atkore to $125 from $175 and keeps an Overweight rating on the shares. Following Atkore’s Q3 earnings, the firm walked away disappointed by the degree of volume headwinds in PVC paired with emerging pricing pressure from steel conduit imports. While KeyBanc is lowering its estimates meaningfully, the firm feels the updated framework into FY25 is now more de-risked and maintains Atkore’s shares remain poised to re-rate higher given the substantial valuation gap vs. peers despite the company’s solid long-term returns and recent structural portfolio improvements.