Deutsche Bank Starts Constellium (CSTM) at Buy

July 2, 2013 8:36 AM EDT
Get Alerts CSTM Hot Sheet
Price: $7.00 --0%

Rating Summary:
    12 Buy, 4 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Deutsche Bank initiated coverage on Constellium (NYSE: CSTM) with a Buy rating and a price target of $23.00. Analyst David Martin sees valuation as attractive.

"Specialty metal equities have remained stable in the past 12 months, outpacing our Steel/Coal coverage (-20%) but underperforming the S&P (+18%). We credit this outperformance partially to the value-added nature of downstream products and limited commodity exposure. These attributes should continue to benefit CSTM and we see its valuation (4.6x '14E EBITDA vs 5.9x for closest peers) as compelling for investors. Lastly, our $23 PT implies 42% upside," said Martin.

For an analyst ratings summary and ratings history on Constellium (NYSE: CSTM) click here. For more ratings news on Constellium click here.

Shares of Constellium closed at $16.25 yesterday.

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