Kimball Electronics price target raised to $37 from $29.50 at B. Riley

B. Riley raised the firm’s price target on Kimball Electronics (KE) to $37 from $29.50 and keeps a Buy rating on the shares. Despite some caution around above-consensus Q3 estimates, the valuation thesis for Kimball Electronics rests on its efficient, low-risk EMS model and attractive relative value, the analyst tells investors in a research note The company shows early signs of recovery with growing backlog, cost discipline, and new program wins that position it for a return to top-line growth following prior external setbacks, B. Riley adds.