Standex price target raised to $250 from $210 at Benchmark

Benchmark analyst Michael Legg raised the firm’s price target on Standex (SXI) to $250 from $210 and keeps a Buy rating on the shares after the company reported its fiscal Q2 results and announced the acquisition of Amran Instrument Transformers and Narayan Powertech – leading manufacturers of low voltage and medium voltage instrument transformers focused on the electric grid – for a $462M purchase price. Quarterly results continue to reflect end market weakness with initial signs pointing to a strong second half recovery, says the analyst, who also cites “the strength of the acquisition” for the firm’s increased price target