Jefferies Cuts Price Targets on GrafTech International (GTI) Following Market Checks

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Jefferies is reaffirming its Buy rating on shares of GrafTech International (NYSE: GTI), but is reducing its price target from $26 to $23 following market checks.

The firm reports following a survey on the North American and European graphite electrode markets, it was cutting its estimates on the company as volumes are trending weaker than previously forecasted. GTI's North American segment is outperforming while its European segment is lagging

To go inline with the current market trends, Jefferies has cut its FY11 and FY12 EPS estimates from $0.99 and $1.87 to $0.97 and $1.60. The firm also lowered its sales estimates for FY11 and FY12 from $1.32 billion and $1.65 billion to $1.3 billion and $1.57 billion. For FY13, Jefferies predicts earnings of $2.38 per share on $1.77 billion in sales.

An analyst at Jefferies comments, "Following our survey of the N.A. and European graphite electrode markets we have reduced estimates for GTI mostly to reflect a more conservative volume scenario given the ongoing uncertainty in Europe where market trends are lagging relative to N.A."

For an analyst ratings summary and ratings history on GrafTech International click here. For more ratings news on GrafTech International click here.

Shares of GrafTech International closed at $13.25 yesterday, with a 52 week range of $12.11-$23.89.

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