Jefferies Downgrades GrafTech International (GTI) to Hold

Jefferies downgraded GrafTech International (NYSE: GTI) from Buy to Hold with a price target of $5.05 (from $7.50).

Analyst Luke Folta commented, "With electrode markets worse than expected, reduced LT prospects for Seadrift/ES, and dilution from GTI’s proposed stock offering, we no longer see sufficient fundamental NT upside & downgrade to HOLD. We continue to believe electrode mkts are at trough with material upside as steel demand recovers, though now see this recovery likely to play out far slower than expected along with reduced est. earnings from its other businesses."

The firm cut FY 2015 EPS from ($0.04) to ($0.29) and FY 2016 EPS from $0.29 to $0.06.

For an analyst ratings summary and ratings history on GrafTech International click here. For more ratings news on GrafTech International click here.

Shares of GrafTech International closed at $4.84 yesterday.

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