S&P Equity Research Downgrades Georgia Gulf (GGC) to Sell
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S&P Equity Research downgrades Georgia Gulf (NYSE: GGC) from Hold to Sell.
S&P analyst, R. O'Reilly, says, "GGC posts Q1 loss of $2.02, including special charges of $0.58, vs. loss of $0.77, much worse than expectations. Sales were virtually flat, as reduced volumes (especially of vinyl building products) were offset by higher chemicals prices. Margins were also squeezed by higher raw material costs. We suspect it will be hard for GGC to achieve its goal of higher EBITDA in '08 without sizable asset sales. Based on, in our view, Q1 dismal results and a challenging business outlook, we are cutting our '08 EPS forecast to a $2.50 loss from breakeven, and our target price to $4 from $11."
Georgia Gulf Corporation is a manufacturer and international marketer of two integrated chemical product lines, chlorovinyls and aromatics.[SM]
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