KeyBanc Upgrades Arch Chemicals (ARJ) to Hold
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KeyBanc upgrades Arch Chemicals (NYSE: ARJ) from Underweight to Hold.
KeyBanc analyst says, "Taking into account that ARJ yields 4.9% at the current price of $16.44 and the current low valuation, we do not believe that the stock will appreciably under-perform the overall market
going forward and we are thus upgrading our rating on ARJ shares from to Hold...We acknowledged that ARJ shares are attractive from several different metrics, which we describe below; however, the lack of a compelling earnings story in 2010 and the current global environment will likely prevent ARJ from outperforming the overall market in the near term. Our EPS estimates are $1.90 for 2009 and $1.95 for 2010 (down from $2.10)...The Company's balance sheet remains solid with no near-term financing issues. Furthermore we estimate that net income in 2009 will be more than twice the current dividend, so we believe that it is not in danger of being cut."
Arch Chemicals, Inc. (Arch) is a global biocides company. The Company provides chemistry-based and related solutions to selectively destroy and control the growth of harmful microbes.
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