Advanced Drainage price target raised to $198 from $180 at KeyBanc

KeyBanc analyst Jeffrey Hammond raised the firm’s price target on Advanced Drainage (WMS) to $198 from $180 and keeps an Overweight rating on the shares. Following the company’s Q3 earnings and conference call, the firm was impressed by the clear end-market outgrowth in Infiltrator and Allied amid a challenged end-market backdrop paired with continued strong margin execution. Looking out, KeyBanc walked away with greater conviction in its long-term thesis as numerous avenues of organic outgrowth continue to show through, which it expects to be further enhanced by the recent close of the NDS acquisition.