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Shares of Miller Industries Inc (NYSE:MLR) have risen almost 48% year to date.
The company has been added to the STAMPEDE list due to the ongoing activism campaign, according to DA Davidson.
Analyst Michael Shlisky initiated coverage of Miller Industries with a Buy rating and price target of $82.
The Miller Industries Thesis: The activist has asked Miller Industries to consider several changes to its board and business practices as well as deliberate on an outright sale of the company, Shlisky said in the initiation note.
Check out other analyst stock ratings.
The company has made a few important changes, including a dividend hike and a new share buyback authorization, he added.
STAMPEDE is an acronym that stands for:
Companies on this list "often reflect untapped value," the analyst wrote.
"Thus far, MLR’s plan has worked, with growth now expected in the low-double[1]digits this year and the stock up ~25% in the six months since the activist’s letter," he further wrote.
Even if the activist decides to walk away, "the downside to the stock price could be minimal," Shlisky said.
MLR Price Action: Shares of Miller Industries had risen by 5.47% to $63.20 at the time of publication on Wednesday.
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