KeyBanc Maintains a 'Buy' Rating on OMNOVA Solutions (OMN); Raises PT & Estimates
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KeyBanc maintains a 'Buy' rating on OMNOVA Solutions Inc. (NYSE: OMN), raises PT to $9 from $6.25.
KeyBanc analyst says, "We are raising our FY09 EPS estimate to $0.53 from our previous estimate of $0.34. The strong 3Q09 earnings beat accounts for approximately $0.13 of the upside, with the remainder coming from an improved 4Q09 outlook. We are raising our 4Q09 EPS estimate by $0.06, and now see earnings of $0.18 due to sustainable margin improvement...Improved Cost Management: We feel OMN is much better positioned on a raw material basis relative to historical levels given a shift to indexed-based pricing (65% of Performance Chemicals) and a rational pricing environment in the SB latex market (dominated by OMN and DOW (NYSE: DOW))."
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