Materion initiated with an Outperform at Baird

Baird analyst Daniel Moore last night initiated coverage of Materion (MTRN) with an Outperform rating and $18 price target The shares are trading at a multi-year price-to-tangible-book low, and the company’s financials are near a cyclical trough, the analyst tells investors in a research note. In addition, the firm believes the broader freight economy has begun to demonstrate that it is in the early innings of a recovery.