GFF - Griffon Corporation gains on upgrade from RayJay after earnings

Griffon Corporation (NYSE:GFF +8.3%) shares rose sharply after Raymond James increased its bullishness on the company’s prospects on Monday. The Florida-based bank upgraded the stock from “Outperform” to “Strong Buy” after the company reported a big beat on earnings expectations on Thursday. While Griffin’s (GFF) surged immediately following the print, Raymond James analyst Sam Darkatsh expects there is much more room to run as the company’s valuation remains depressed.  “Price-cost has finally hit parity in Griffon’s highest margin HBP business, backlogs continue to widen, and upside remains if/when [consumer and professional products] can also reach price-cost parity,” he wrote. “We believe [free cash flow] from here will be increasingly returned to shareholders via share repurchase should present valuation levels hold.” Darkatsh raised his price target to $40 from $33, suggesting the stock could double from its opening price on Monday. He explained that the stock’s recent decline amid waning sentiment

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Griffon Corporation gains on upgrade from RayJay after earnings