UPDATE: Stifel Reiterates On Trinity Industries Following Meyer Steel Structures Acquisition

In a report published Monday, Stifel analyst Michael Baudendistel reiterated a Buy rating on Trinity Industries (NYSE: TRN), and raised the price target from $45.00 to $46.00.

In the report, Stifel noted, “On Friday, Trinity Industries announced that it entered into an agreement to acquire the assets of Meyer Steel Structures, the utility steel structures division of Thomas & Betts Corporation. The transaction price was approximately $600 million with an expected closing in 3Q14. Trinity expects to fund the deal with available cash on hand (cash and short-term marketable securities totaled $788 million at end of 1Q14).”

Trinity Industries closed on Friday at $43.08.