Baird Remains Sidelined on Chemtura (CHMT) Following Mixed 3Q
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Baird reiterated a Neutral rating and $33.00 price target on Chemtura Corporation (NYSE: CHMT) following the company's 3Q earnings report. CHMT reported sales of $414M vs. consensus estimates of $429.0M. Non-GAAP EPS was $0.52 vs. $0.49. Increased demand and pricing for bromine and bromine derivatives led to a bottom-line beat for CHMT. However, Clear brine demand remained soft in Q3 due to ongoing weakness in the oil and gas markets.
Analyst Ben Kallo commented, "Q3 results missed consensus estimates on the top line, but beat our/consensus adj. EPS on strong margins. Core segment sales were impacted by lower volumes and selling prices y/y, although operating income increased y/y and was helped by improved bromine pricing. Additionally, the merger agreement with Lanxess remains on track to close by mid-2017, which will likely dictate stock performance going forward. We continue to believe it is unlikely a competing offer will materialize."
Shares of Chemtura Corporation closed at $32.80 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BofA/Merrill Lynch Upgrades CF Industries (CF) to Buy, Says "Consensus Estimates Now Beatable"
- Herbalife's (HLF) Debt Package News Seen as 'Enormous Positive' at Pivotal Research
- Checkpoint Software (CHKP) PT Raised to $94 at Stifel Following 4Q Beat
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Related EntitiesRobert W Baird, Earnings, Definitive Agreement, Ben Kallo
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!