UPDATE: Gabelli & Company Initiates Buy on Valspar

Gabelli & Company initiates its Buy rating on Valspar (NYSE: VAL) with a Buy rating on a strong long-term outlook.

Gabelli & Company says, "We believe that Valspar is well positioned to benefit from the following: an increasing share in fast growing markets, a pick-up in overall construction, healthy general industrial end-markets, further gain in new businesses, continuing success of its consumer brands, progress in restructuring the Australian Wattyl acquisition, debt reduction following the acquisition, and the anticipated pick-up in demand for consumer paints in China over the next three quarters."

VAL closed at $46.07 a share on Monday.