FBR Capital Raises Price Target on Stillwater Mining Company (SWC) to $20 Following Investor Meeting
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FBR Capital reiterated an Outperform rating on Stillwater Mining Company (NYSE: SWC), and raised the price target to $20.00 (from $19.00), following investor meetings with management. Management explained that the first layer of cost cuts focused on the absolute level of expenditures and elaborated on its recent update to the Blitz project.
Analyst Lucas Pipes commented, "Last week, we hosted investor meetings with the management of Stillwater Mining. In our opinion, the company made a strong case for continued value creation with or without the tailwind of stronger commodity prices. We believe future positive catalysts include: (1) a relentless focus on further cost and productivity improvements at existing operations, (2) the completion of the Blitz development, (3) growth at the recycling units and breakout of smelter economics, and (4) a stellar balance sheet that allows for the examination of return of capital options. We are maintaining our Outperform rating but increasing our price target to $20, from $19, after modest adjustments to our estimates."
Shares of Stillwater Mining closed at $15.17 yesterday.
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