Morgan Joseph Downgrades Calgon Carbon (CCC) to Sell
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Morgan Joseph downgrades Calgon Carbon (NYSE: CCC) from Hold to Sell with a $14 price target. The firm's 2008 EPS estimate reflects Y/Y growth of 35%, their 2009 EPS projection assumes bottom-line growth declines.
The firm said, "Regulatory issues could result in uncertainty regarding the timing of the company's revenue recognition. The settlement of a few outstanding legal issues and the full implementation of tariffs on imported activated carbon have contributed to the improved earnings and profitability. Over the long term, we believe Calgon Carbon has a favorable outlook as the demand for activated carbon should surpass supply with electric utilities procuring activated carbon to meet mercury removal requirements from coal fired power plants. Nonetheless, in our view, regulatory issues have created some uncertainty regarding the timing of revenue recognition for Calgon Carbon as electric utilities weigh their options in light of the EPA overruling the Clean Air Mercury Rule."
Calgon Carbon Corporation (Calgon), is a provider of products, and solutions for purifying water and air.
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