Rosenblatt Downgrades Haynes International (HAYN) to Neutral
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Rosenblatt downgraded Haynes International (NASDAQ: HAYN) from Buy to Neutral with a price target of $39.00.
Analyst Chris Olin commented, "We are downgrading Haynes International (HAYN) to a NEUTRAL recommendation as the shares have surpassed our 12-month price objective. The stock appears to be fairly valued near the $39-40 level. Despite our continued bullish outlook for the specialty materials group and suppliers levered to the commercial aerospace industry (45-50% of company revenues), we turned our focus to a few developments that may disrupt the earnings cadence over the next 2-3 quarters. Specifically, we believe HAYN could be impacted by lost production days related to minor tornado damage caused to the Kokomo facility (or incur maintenance-related higher costs in the quarter). Moreover, incoming orders for industrial-related products are likely to remain slow over the next few months, partially offset by the recognition of special projects working through backlogs. Our revised 4Q EPS outlook is $0.19 (down $0.16) which assumes some shipping/production delays at Kokomo and continued margin compression associated with the commodity nickel price mismatch. Importantly, we still believe the company is on track to generate $2.00+ of earnings in FY2017."
Shares of Haynes International closed at $38.59 yesterday.
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