HURC - With A Sequential Bounce In Orders Hurco Shifts To A Cyclical Recovery Story

• Hurco saw another sequential decline in revenue, but orders have rebounded and several end-markets seem to be slowly shifting to recovery.
• General manufacturing, helped by die/mold customers, medical, and auto are likely to drive a sharper rebound throughout 2021, but 3D manufacturing remains a long-term risk to the business.
• Low single-digit long-term revenue and mid-to-high single-digit FCF margins can support a double-digit annualized return from here, making Hurco a late rebound name to consider.

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