Canaccord Genuity Maintains a 'Buy' on Sims Metal Management (SMS); Solid Results and Surprisingly Bullish Outlook

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Canaccord Genuity maintains a 'Buy' on Sims Metal Management (NYSE: SMS) price target of A$24.00.

Canaccord analyst, Eric Prouty, said, "Although we took a cautious stance heading into this earnings report, Sims MM delivered better-than-expected results and offered a surprisingly bullish outlook despite global economic concerns. We increase our estimates...Although Sims MM does not report FQ4 (June) results separately, we calculate FQ4 revenue was A$2.7B, beating our (implied) A$2.35B estimate, and EPS were A$0.33 vs. our A$0.23 estimate. In addition, we estimate June quarter EBITDA was A$137M, nicely ahead of our (implied) A$118M forecast."

For more ratings news on Sims Metal Management click here and for the rating history of Sims Metal Management click here.

Shares of Sims Metal Management closed at $15.11 yesterday, with a 52 week range of $13.00-$22.41.

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