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Non-Tech : Lufkin Industries (Nasdaq: LUFK)
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To: Sigmund who wrote (66)4/16/1998 1:30:00 PM
From: Todd D. Wiener  Read Replies (1) of 103
 
If LUFK can close above $36, it should soon rally to $40. That's the next resistance. There has been some heavy buying today. As I have mentioned, the stock should trade at $40, if only to maintain the low valuation it had last week. At $40, LUFK will be trading at about 15 times trailing earnings. That's fairly cheap, especially for a company that is growing by 30% per year. The oil market is a temporary downer. But in a year, the price of crude should be much higher, as the excess demand eclipses the supply. At that time, LUFK will experience a resurgence in demand for its pumping units. In the meantime, the strength and improved margins in LUFK's other product lines should support the company's growth. I still see $3.00 for 1998, and $50 by year-end.

Todd
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