Goldman Sachs Upgrades Kraton Performance Polymers (KRA) to Neutral

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Goldman Sachs upgraded Kraton Performance Polymers (NYSE: KRA) from Sell to Neutral with a price target of $23.00 (from $21.00).

The firm comments, "Looking forward, we believe that butadiene prices have finally bottomed indicating that the prices that KRA charges for its products have also bottomed, alleviating our concerns over pricing erosion and raw material costs. At the same time, KRA has generated TTM free cash flow of $107mn vs. 2011 free cash flow of only $4mn, alleviating our cash flow concerns. The negative sales mix that we highlighted has now already materialized with 3Q2012 mix negatively impacting sales by 1.8%."

For an analyst ratings summary and ratings history on Kraton Performance Polymers click here. For more ratings news on Kraton Performance Polymers click here.

Shares of Kraton Performance Polymers closed at $20.46 yesterday, with a 52 week range of $17.51-$31.17.

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