Needham analyst Chris Pierce raised the firm’s price target on Blue Bird (BLBD) to $70 from $53 and keeps a Buy rating on the shares. The specialty vehicle industry M&A is reinforcing scarcity value for BLBD’s business, nudging the firm off of its prior conservative multiple overly anchored by the company’s historical multiple and clarity on the return of higher average selling prices, the analyst tells investors in a research note.
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