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%