KeyBanc Downgrades Global Brass and Copper Holdings, Inc. (BRSS) to Sector Weight
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KeyBanc downgraded Global Brass and Copper Holdings, Inc. (NYSE: BRSS) from Overweight to Sector Weight and removed its price target. Analyst Philip Gibbs sees balanced risk-reward.
"We reduce our rating on shares of BRSS to Sector Weight (from Overweight), with our price target of $31 (based on re-rating of the Company's multiple) having been achieved. Our 2016 and 2017 volume estimates are reduced, reflecting weaker transportation demand momentum (auto and Class 8 truck) and modest slowing of growth momentum in building and construction markets. Our 2017 FCFE view is reduced a bit to reflect higher inventory valuations (higher copper and zinc costs)," said the analyst.
Shares of Global Brass and Copper Holdings, Inc. closed at $30.00 yesterday.
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