Benchmark analyst Michael Legg raised the firm’s price target on Standex (SXI) to $250 from $210 and keeps a Buy rating on the shares after the company reported its fiscal Q2 results and announced the acquisition of Amran Instrument Transformers and Narayan Powertech – leading manufacturers of low voltage and medium voltage instrument transformers focused on the electric grid – for a $462M purchase price. Quarterly results continue to reflect end market weakness with initial signs pointing to a strong second half recovery, says the analyst, who also cites “the strength of the acquisition” for the firm’s increased price target
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