Jefferies Raises Price Target on Harsco Corporation (HSC) to $12; Reiterates Buy
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Jefferies reiterated a Buy rating on Harsco Corporation (NYSE: HSC), and raised the price target to $12.00 (from $10.00), after adjusting estimates. HSC plans to realize SBB revenues worth $200m during 2017-2019. The subcontractor issue will be a negative to margin in 2017 and is built in the model.
Analyst Bhupender Bohra commented, "We see an improvement in its Metals & Minerals and Industrial businesses, and lower margin in Rail. With M&M's customers' profitability improving, we could see re-focus on organic growth. Rail award opportunities remain and sequential improvement in NA rig count YTD bodes well. HSC's decision to exit Brand JV is a step in the right direction to improve balance sheet capability. We have adjusted our model for the lower interest expense and absence of JV income."
Shares of Harsco Corporation closed at $9.93 yesterday.
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