Jefferies Raises price Target on Harsco Corporation (HSC) Following In-Line 3Q
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Jefferies reiterated a Buy rating on Harsco Corporation (NYSE: HSC), and raised the price target to $13.00 (from $12.00), following the company's 3Q earnings report. Harsco reported 3Q adjusted operating income of $29m, in line with its preliminary announcement on 10/17/16. Adjusted EPS of $0.14 exceeded consensus estimates of $0.13.
Analyst Bhupender Bohra commented, "HSC 3Q16 results were largely in line with its prelim on 10/17/16. Good operational execution and an improved steel markets in the U.S. and Europe were the drivers. FCF guide was increased while EPS guide was largely reaffirmed at the mid-point. Rail (NA carloads) and Industrial (NA rig count) markets seem to be bottoming with potential improvement in 2017. We believe the recent debt reduction provides multiple capital allocation opportunities."
Shares of Harsco Corporation closed at $9.25 yesterday.
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