UPDATE: Auriga Raises Target to $19 on Worthington Industries

Auriga raises its price target $2 to $19 on Hold-rated Worthington Industries (NYSE: WOR) as the company modestly exceeds F3Q EPS expectations.

Auriga says, "Worthington Industries (WOR) reported fiscal 3Q12 EPS of $0.37 versus our estimate of $0.35 and consensus of $0.35 (range: $0.26 - $0.38). This compares to $0.27 in the prior quarter and $0.35 in the prior year. We are maintaining our fiscal 2012 and 2013 EPS estimates and initiating a fiscal 2014 EPS estimate of $2.20. We are also increasing our price target to $19 from $17 to incorporate a calendar 2013 EPS estimate versus utilizing a calendar 2012 estimate previously. The overall tone of the conference call was constructive; however we prefer to be more opportunistic buyers of the name."

WOR closed at $18.81 a share yesterday.