UPDATE - Oppenheimer Upgraded Chemtura Corporation (CHMT) to Outperform; All The Way to $60

March 16, 2012 9:41 AM EDT Send to a Friend
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Price: $23.48 --0%

Rating Summary:
    5 Buy, 2 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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UPDATE - Oppenheimer upgraded Chemtura Corporation (NYSE: CHMT) from Market Perform to Outperform with a new price target of $21.00.

Oppenheimer analyst said, "We upgrade CHMT as its long restructuring post-bankruptcy takes hold, 4Q's margin expansion looks to have legs, and the rebound in electronics flame retardants, its most profitable segment, is faster than expected. We raise our '12E EPS to $1.22, '13E to $1.72, and implement a 12-18 month $21 price target (12x '13E P/E, 5.3x FV/EBITDA, 10% FCF yield). However, if CHMT can execute on its ambitious long-term objectives, a stretch, but now not wholly implausible, its shares could ultimately work toward the $60s range."

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