Jefferies Raises price Target on Ferroglobe plc (GSM) to $14.50; Reiterates Buy
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Jefferies reiterated a Buy rating on Ferroglobe plc (NASDAQ: GSM), and raised the price target to $14.50 (from $10.25), following the company's 3Q earnings report. Management increased its synergy target from $65M previously to $85M with $43M achieved YTD and $60M expected for 2016. Several inflationary factors have been putting upward pressure on the cost curve. Spot US Si prices have edged up +$0.02-0.03/lb to $0.90-0.95 in recent weeks while Mg ore is up +63% since the beginning of October.
Analyst Martin Englert commented, "While GSM’s 3Q16 results were below expectations, we believe the inflationary pressured pricing environment and balanced inventories overshadow this. Mgmt. noted improving spot price trends for Si & alloys and a firm stance on contract pricing eliminating discounts. We believe prices inflecting will contribute to positive momentum for the shares and we reiterate our Buy rating on our increased $14.50 (+$4.25) PT."
Shares of Globe Specialty Metals closed at $11.71 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Broadcom Ltd. (AVGO) to $207 Following 4Q Beat
- UBS Cuts Price Target on Restoration Hardware (RH) to $34 Following 3Q
- Broadcom (AVGO) PT Raised to $215 at Oppenheimer
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!