UPDATE: Monness Crespi Hardt Downgrades Mueller Industries as Shares Appear Fairly Priced

In a report published Friday, Monness Crespi Hardt analyst Herb Hardt downgraded the rating on Mueller Industries (NYSE: MLI) from Buy to Neutral.

In the report, Monness Crespi Hardt noted, “After reaching the price target of $60.00 the shares of Mueller Industries are being downgraded to Neutral. Mueller has been a consistent free cash generator and should continue to be so. The balance sheet now has cash equal to $322 million ($11.40/share), more than offsetting debt of $240 million. However, this is a cyclical business, and at a multiple of 18x the $3.30/share estimated for 2013, the shares at these levels appear fairly priced.”

Mueller Industries closed on Thursday at $60.29.