Sidoti analyst Julio Romero upgraded Encore Wire to Buy and raised its price target to $58 from $51 saying industry consolidation should be a catalysts for higher margins and earnings.

Reports Q1 revenue $632.7M, consensus $589.85M. Daniel L. Jones, Chairman, President and CEO, said, "We have experienced consistent, increased copper wire and cable demand from mid-2023, which continued through the Q1 of 2024. Our ability to capitalize on this demand and deliver unmatched speed and agility in serving our customers is a testament to our single-site, build-to-ship model, an important competitive advantage. Despite continued tightness in raw copper availability, our key suppliers continue to perform well and our teams are achieving high order fill rates. Coupled with our operational excellence, we are favorably positioned to meet customer demand going forward."