Raymond James analyst Budd Bugatch reaffirmed a Strong Buy rating for Steelcase and raised his price target to $23 from $21 following the company's second quarter results last week, saying results were above expectations. Bugatch tells investors in a research note that although the unsettled trade environment and stock market volatility have made many investors hesitant with concern that the end of the cycle may be near, he believes the industry is healthy and likely to remain so over the near term, and feels the strong demand environment, improved profitability of the EMEA segment, value optimization from the acquisitions additional partnerships and the introduction of new product will provide value to shareholders.