Brean Murray Reiterates 'Buy' on Calgon Carbon (CCC), Lowers Price Target
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Brean Murray reiterates a 'Buy' on Calgon Carbon (NYSE: CCC), but lowers price target from $24 to $20.
Brean analyst says, "Calgon Carbon reported 3Q08 results that were below our estimates. Sales in the quarter of $99.1 million were up 16.7% YoY, but slightly missed our estimate of $102.6 million. Strong sales in the Activated Carbon and Service (up 17.8% YoY) segment drove the growth. An increase of equipment sales of 26% also aided quarterly performance. EPS of $0.12 (up 20% YoY) was below our $0.16 estimate, but met consensus. We have adjusted our 2008 and 2009 estimates and are introducing 2010 estimates."
Calgon Carbon Corporation (Calgon Carbon) is a provider of products, and solutions for purifying water and air.
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