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Raven Industries (RAVN)

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Raven Industries' (RAVN) two largest divisions -- Applied Technology and Engineered Films -- are experiencing strong sales momentum, driven by Raven's aggressive investment programs related to new products and capacity expansion. The company continues to make significant investments to build international sales and boost its overall revenues.

Further, Raven's debt-free balance sheet and solid cash flows provide the scope to fund future growth and increase dividends. Thus, we issue a recommendation of Outperform with a target price of $73.00.

The stock is trading at a premium of 61% over the peer group average based on 2012 earnings estimates. However, our long-term Outperform recommendation on the stock indicates that it will perform better than the market. Our target price, based on a multiple of 27.5 and our 2012 EPS estimate, reflects this view.




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