Atkore price target lowered to $80 from $105 at KeyBanc

KeyBanc lowered the firm’s price target on Atkore (ATKR) to $80 from $105 and keeps an Overweight rating on the shares. Following Atkore’s Q1 earnings, while disappointed by another painful reset on pricing, the firm feels management is being more proactive with the updated FY25 outlook, implying PVC conduit pricing returns to pre-COVID levels exiting FY25. As such, while lowering its price target on the earnings reset and thinking the bottom is hard to time, KeyBanc feels the long-term risk/reward is positive as it feels the updated outlook sets a more reasonable bar with potential upside should the Trump administration take action on steel conduit dumping.