Material handling specialist Columbus McKinnon (CMCO) has done okay since my last update,
with the shares slightly outperforming the broader industrial space.
Relative to many of those peers, Columbus McKinnon has relatively lower
short-cycle recovery exposure, but the company should benefit from
recoveries in markets like autos and from a capex investment cycle in
markets like steel. Valuation remains attractive, and I believe the
Street continues to overlook this smaller name leveraged to increasing
automation investment on factory floors.
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