Wells Fargo Upgrades PolyOne (POL) to Outperform; Raising Estimates After Positive Meeting with COO

March 26, 2012 7:20 AM EDT Send to a Friend
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Price: $38.59 --0%

Rating Summary:
    8 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Wells Fargo upgraded PolyOne (NYSE: POL) from Market Perform to Outperform with a price target range $16-17.

Analyst, Frank J. Mitsch, said, "We are raising our rating on POL shares supported by a more attractive valuation on the recent retreat in share price, as well as on our increased earnings estimates. Over the past seven weeks, POL shares have dropped 11% (vs. a 6% increase in the S&P 500). We are also raising our 2012 EPS estimate from $1.12 to $1.20 [maintaining our Street High Q1 EPS of $0.28E (consensus $0.25)], and 2013 from $1.25 to $1.35, reflecting our increased confidence in the ColorMatrix (CM) contribution and improvement in housing."

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

Shares of PolyOne closed at $13.61 yesterday.

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