Jefferies Downgrades W.R. Grace & Co. (GRA) to Hold

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."

For an analyst ratings summary and ratings history on W.R. Grace & Co. click here. For more ratings news on W.R. Grace & Co. click here.

Shares of W.R. Grace & Co. closed at $67.01 yesterday.

You May Also Be Interested In

• Keurig Dr Pepper (KDP) PT Raised to $39 at Jefferies
• MarineMax (HZO) PT Lowered to $35 at Stifel
• Amazon.com (AMZN) PT Raised to $215 at UBS