Davenport Initiates Coverage on Haynes Int'l (HAYN) with a Neutral; Only Modest Potential Upside in Our View
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Davenport initiates coverage on Haynes International (NASDAQ: HAYN) with a Neutral. Price target $27.
Davenport analyst says, "Haynes’ aerospace exposure is predominately in jet engines. We expect the value of engines to increase at a CAGR of 8% from ’08 to ’12, with a lull in growth in ’10 as the aerospace industry works off excess inventories throughout the supply chain...We project 10-15% growth in gas turbines over the next several years, and we have the company’s shipments increasing at a CAGR of 8% from FY’08 to FY’11. Chemical processing should have a declining trend...Volatile raw material prices."
With the stock at $25/sh, there is only modest potential upside in our view. Additionally, our near-term estimates are below consensus, which reduces the probability of a near-term earnings catalyst to take the stock higher...We expect EPS to hit bottom in the June quarter, with ($0.13) projected. Profitability should return in the September quarter, with EPS estimated at $0.06. This puts our FY’09 estimate at $0.31, down from $5.22 in FY’08. We expect an improvement to $1.57 in FY’10 and $2.26 in FY’11."
To see more analyst ratings on HAYN Click Here.
Haynes International, Inc. engages in the production and sale of high-performance nickel-and cobalt-based alloys in sheet, coil, and plate forms for use by manufacturers of equipment.
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