KeyBanc Securities has raised its price objective on Myers Industries (NYSE:MYE) to $26 from $21 and reaffirmed an Overweight rating on the shares. The adjustment - announced ahead of Myers Industries’ fourth-quarter results and a likely 2026 investor event - leaves the stock positioned with upside versus its recent trading level.
At the time of KeyBanc’s revision the stock was changing hands around $21.84, trading close to a 52-week high of $22.69 and following an 86.92% gain over the past 12 months. The upgrade comes as the analyst team expects an industrial cycle inflection that would benefit companies exposed to a manufacturing capital expenditure cycle, a dynamic KeyBanc sees as supportive for Myers Industries.
Christian Zyla, the KeyBanc analyst who made the adjustment, tied the higher target to strategic changes under way at Myers Industries. The firm anticipates that an eventual sale of the company’s MTS business will leave a leaner, more focused plastics manufacturer. In advance of the company’s upcoming investor activity, KeyBanc expects management to present multi-year objectives that emphasize growth.
KeyBanc’s new $26 target is equivalent to 15.3 times the firm’s fiscal 2028 earnings per share estimate. The research note also highlights Myers Industries’ strong free cash flow yield, cited at 8%, as providing the financial flexibility to execute the strategic shift. Additional financial metrics cited in the analysis include an Altman Z-Score of 3.39 and a Piotroski Score of 7, indicators the firm uses to assess the company’s financial position as it undertakes its transformation.
Data from InvestingPro referenced by the analyst supports a growth-oriented valuation argument: Myers Industries is trading at a low price-to-earnings multiple relative to near-term earnings growth and shows a PEG ratio of 0.38. KeyBanc notes that the post-MTS strategy is expected to direct the company’s efforts toward Infrastructure and Defense end markets.
The analyst action accompanies an update to KeyBanc’s internal estimates as the firm frames the company’s evolution as a "Focused Transformation." Investors will have the chance to hear more directly from management at the company’s fourth-quarter earnings release, scheduled for March 5, and at the anticipated 2026 investor event.
Market participants watching Myers Industries will weigh the potential benefits of an industrial capex cycle and a tightened corporate focus against the timing and outcome of the planned portfolio changes.