KeyBanc Upgrades OM Group (OMG) to Buy

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KeyBanc upgraded OM Group (NYSE: OMG) from Hold to Buy with a price target of $34.00.

The firm comments, "The announced sale of OM Group, Inc.'s Advanced Materials business should be viewed as a material step change in the way shares will trade and be valued by investors going forward, in our view. The drag of falling cobalt prices, and thus lower earnings, along with exposure to regions such as the Congo should no longer hinder the stock's trading multiple. The sharp move higher in OMG shares since the announcement signifies the beginning of the "re-rating" its shares will experience over the coming months, in our opinion."

For an analyst ratings summary and ratings history on OM Group click here. For more ratings news on OM Group click here.

Shares of OM Group closed at $27.70 yesterday, with a 52 week range of $15.12-$31.26.

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