UPDATE: BGB Securities Initiates Matthews International Corp with Buy, $40 PT on Attractive Multiple

BGB Securities initiates its coverage on Matthews International Corp (NASDAQ: MATW) with a Buy rating and a price target of $40.

BGB Securities comments, "Near-term headwinds should not be allowed to obscure the excellent long-term investment opportunity that MATW shares currently present. While weak economic conditions (particularly in Europe), high commodity costs and a low U.S. death rate pose significant challenges for MATW's near-term results, we think that these factors are largely transitory in nature. In our opinion, investors should focus more on the long-term strengths of MATW's businesses."

MATW closed at $30.65 on Tuesday.