Goldman Sachs Downgrades GrafTech International (GTI) to Sell

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Goldman Sachs downgraded GrafTech International (NYSE: GTI) from Neutral to Sell with a price target of $5.50 (from $9.00) citing worsening electrode oversupply structural issue.

"We expect oversupply in the electrode market to worsen in the foreseeable future as
new capacity continues to be built, both in China and ex-China," the analyst said.

The firm lowered 2013/2014/ normalized EPS estimates to $0.35/$0.65/$1.00 from $0.70/$1.00/$1.30.

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 $7.92 yesterday, with a 52 week range of $7.55-$13.08.

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