Jesup & Lamont Starts LSB Industries (LXU) at Buy
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Jesup & Lamont initiates coverage on LSB Industries (Amex: LXU) with a Buy rating and $22.50 price target.
The firm notes that shares of LSB have fallen dramatically (~50% year-to-date), calling this decline "difficult to ignore." Jesup & Lamont believes the fall from about $26 at the beginning of the year can be attributed to "anticipation of an economic slowdown, aggravated by a questionable SEC Wells Letter..." However, the firm feels LSB has a strong market position in its high-end commercial market.
Jesup & Lamont expects a slowdown in revenues and earnings growth throughout 2008, but believes that LSB's strong level of cash flow will buoy its shares enough to justify a Buy rating.
LSB Industries, Inc., through its subsidiaries, engages in the manufacture and sale of geothermal and water source heat pumps and air handling products, and chemical products worldwide. [BCS]
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