Jefferies Downgrades W.R. Grace & Co. (GRA) to Hold
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Jefferies downgraded W.R. Grace & Co. (NYSE: GRA) from Buy to Hold with a price target of $70.00 (from $80.00), citing risks to multiple.
Analyst Laurence Alexander commented, "The recent dip in Grace's relative multiple may not suffice to renew interest, as medium-term risks -- the sharp drop in FCF conversion once the NOLs are exploited, and demand risks for gasoline (and consequently FCC catalysts) -- threaten the multiple further out. Participation in future "risk off/weak $/near-term FCF yield" rallies could be more limited than in 2014-2015. Downgrade to Hold."
Shares of W.R. Grace & Co. closed at $67.01 yesterday.
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