Piper Jaffray Increases Their Price Target on Calgon Carbon Corp. (CCC) to $15; Maintains Neutral
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Piper Jaffray increases their price target on Calgon Carbon Corp. (NYSE: CCC) from $14 to $15 and maintains their Neutral rating. The firm also raises their FY09 EPS estimate from $0.67 to $0.70.
The firm said, "Following discussions with municipal water utilities across the country, we believe that demand for activated carbon remains stable and that recent price increases are being met with little resistance." While the firm believes the current risk/reward profile is balanced, Piper believes "the valuation will be sustained considering the company's strong near-term growth prospects in this very challenging economic backdrop..." Piper Jaffray also believes that an Obama-led infrastructure stimulus package could modestly benefit CCC.
Calgon Carbon Corporation is a provider of water and air purification technology.
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