J.P. Morgan starts Valmont at 'overweight' on growth tailwinds

** Shares of irrigation equipment provider Valmont Industries VMI modestly up at $364.66 in premarket

** J.P. Morgan initiates coverage on the stock with an "overweight" rating and price target of $480

** Brokerage says VMI is uniquely positioned at the intersection of infrastructure and agriculture, benefiting from structural megatrends such as electrification, grid hardening, renewable integration and sustainable agriculture.

** "While we remain more conservative than consensus on agriculture in North America, we expect infrastructure-led momentum to drive our 2026 earnings forecast above consensus," adds J.P. Morgan

** Average rating of six analysts is "buy;" median PT of $400 - data compiled by LSEG

** YTD, as of last close, VMI is up nearly 19%