Powell price target raised to $450 from $350 at Roth Capital

Roth Capital analyst Chip Moore raised the firm’s price target on Powell (POWL) to $450 from $350 and keeps a Buy rating on the shares. Fundamentals for Powell’s primary markets – energy, utility, commercial and industrial – remain very healthy, with strategic initiatives underway offering attractive growth and margin enhancement potential, and the firm anticipates sustained momentum for at least the next several years, the analyst tells investors in a research note. The stock is trading modestly above its historical valuation levels, but the firm believes that a premium is warranted, Roth added.