Jefferies Downgrades GrafTech International (GTI) to Hold on Weak 2013 Prospects

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Jefferies downgraded GrafTech International (NYSE: GTI) from Buy to Hold with a price target of $9.00 (from $15.00).

The firm comments, "Our first round of channel checks regarding 2013 contract negotiations revealed a far weaker market than was anticipated with meaningfully lower YoY prices expected for electrodes/needle coke, excess channel inventories and a more intense competitive environment globally. Earnings in 2013 will decline YoY under these conditions with potential improvement in pricing later-cycle too far from sight to benefit GTI's valuation near term."

FY13 EPS goes from $1.14 to $0.62.

For an analyst ratings summary and ratings history on GrafTech International click here. For more ratings news on GrafTech International click here.

Shares of GrafTech International closed at $9.63 yesterday, with a 52 week range of $8.45-$17.69.

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