J.P. Morgan starts Valmont at 'overweight' on growth tailwinds
** Shares of irrigation equipment provider Valmont Industries VMI.N modestly up at $364.66 in premarket
** J.P. Morgan initiates coverage on the stock with an "overweight" rating and price target of $480
** Brokerage says VMI is uniquely positioned at the intersection of infrastructure and agriculture, benefiting from structural megatrends such as electrification, grid hardening, renewable integration and sustainable agriculture.
** "While we remain more conservative than consensus on agriculture in North America, we expect infrastructure-led momentum to drive our 2026 earnings forecast above consensus," adds J.P. Morgan
** Average rating of six analysts is "buy;" median PT of $400 - data compiled by LSEG
** YTD, as of last close, VMI is up nearly 19%
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