Jefferies Reiterates Buy on Actuant (ATU)

Jefferies is out with its report today on Actuant (NYSE: ATU), reiterating Buy.

In a note to clients, Jefferies writes, "The large decline in 2009 earnings has left the company in a similar position as 2001…under-earning. We believe this, combined with a favorable endmarket backdrop, improved portfolio and productivity paves the way for multi-year growth which should increasingly be recognized in the stock. We reiterate BUY and $35 YE11 target price."

Shares of ATU closed Tuesday at $27.58.