Canaccord Adams Initiates Coverage on GrafTech International (GTI) with a Buy; Well Positioned For Growth
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Canaccord Adams initiates coverage on GrafTech International (NYSE: GTI) with a Buy. Price target $15.
Canaccord analyst says, "We conclude that while near-term conditions within the steel industry will remain challenging, GrafTech is well positioned for growth once industry capacity utilization rates pick up again...On a longer-term basis, the steady global shift toward EAF production is a positive growth driver for GrafTech, in our view. Producing steel in an electric arc furnace has advantages over production in a conventional blast furnace, including lower costs,increased efficiency, and lower environmental emissions. These advantages will continue to drive steelmakers toward the EAF process, in our opinion, expanding GrafTech’s overall market opportunity over time...We anticipate GrafTech’s financial performance will improve significantly in 2010 as graphite electrode demand rebounds with the recovery in the global steel industry."
To see more analyst ratings on GTI Click Here.
GrafTech International Ltd. (GTI) manufactures a range of graphite electrodes, products essential to the production of electric arc furnace (EAF) steel, and various other ferrous and nonferrous metals.
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