UPDATE: Seaport Global Securities Upgrades KMG Chemicals (KMG) to Buy

(Updated - December 11, 2015 10:04 AM EST)

Seaport Global Securities upgraded KMG Chemicals (NYSE: KMG) from Accumulate to Buy with a price target of $26. Analyst Michael Harrison characterized its Q1 report as "solid."

"The company hit on all cylinders, benefiting from volume growth in both segments, lower raw material and freight costs and the completion of recent restructuring efforts. Q2 is expected to be better YoY but weaker sequentially due to seasonality. As expected, the company did not change its FY16 EBITDA guidance range ($40MM-$42MM), but we believe KMG is now positioned to exceed this range (we raised our estimate from $41.5MM to $44.4MM, with most of the increase related to the Q1 outperformance)," said the analyst.

For an analyst ratings summary and ratings history on KMG Chemicals click here. For more ratings news on KMG Chemicals click here.

Shares of KMG Chemicals closed at $19.03 yesterday.

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