Recently, a fellow contributor asked if I was sticking to my previous FVE and accumulate target for Valmont Industries (NYSE:VMI) ($170 and $145, respectively). Part of this, I'm sure, has to do with VMI's recent price action, which has followed the same movement as other big Ag stocks as cyclical headwinds-- bottoming grain prices, reduced spend on farm equipment and infrastructure-- continue apace.
VMI data by YCharts
This in turn may have had something to do with analysts collectively reducing their 1-year target prices for these stocks. Valmont has been no exception to this trend:
(click to enlarge)
Data from Finviz
This is about a 7.5% drop in analysts' estimate of Valmont's intrinsic value in the past few...
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