KeyBanc Upgrades Harsco Corporation (HSC) to Buy; View Management Change As A Positive Catalyst

Article Stock Quotes (1) Comments (0)

KeyBanc upgraded Harsco Corporation (NYSE: HSC) from Hold to Buy with a price target of $27.00.

Analyst, Jeffrey D. Hammond, said, "Following HSC's recent earnings, in which expectations (and its share price) were reset, and meetings with management, we are upgrading our rating to BUY. In short, we see compelling upside to HSC shares (vs. limited downside given dividend yield support) over the next 12-18 months as the Company: 1) identifies a new CEO for the business (we expect positive momentum near term under Interim CEO Henry Knueppel); 2) executes on its major restructuring program ($36 million of savings in 2012, incremental $29 million of savings in 2013); 3) enhances its free cash generation (through better working capital and maintenance capex efficiency, greater scrutiny of growth capex opportunities); and 4) experiences improvement in its key end markets such as global steel production and non-residential construction."

For an analyst ratings summary and ratings history on Harsco Corporation click here. For more ratings news on Harsco Corporation click here.

Shares of Harsco Corporation closed at $19.52 yesterday, with a 52 week range of $17.77-$34.77.

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• UPDATE: A.G. Lafley Gives Procter & Gamble (PG) Investors 'New Hope', UBS Upgrades to Buy
• Jefferies Upgrades DDR Corp. (DDR) to Buy
• SunTrust Robinson Humphrey Upgrades Whiting Petroleum (WLL) to Buy

Create E-mail Alert Related Categories

Upgrades

Related Entities

KeyBanc, Dividend, Earnings

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?