Canaccord Genuity reiterates a 'Buy' on Horsehead Holding (ZINC); Highlights From Management Meetings

Canaccord Genuity reiterates a 'Buy' on Horsehead Holding (NASDAQ: ZINC), PT $20.

Canaccord analyst says, "We continue to see 2011 as a breakout year for ZINC, with strong revenue and earnings growth driven by elevated commodity prices, improving steel production, the restart of the Monaca facility, and new EAF dust processing capacity/contracts. Meanwhile, the company is moving forward aggressively with plans to build a new state-of-the-art smelting facility that would position Horsehead as one of the world’s lowest-cost zinc producers."

"Domestic steel companies are operating at roughly a 75% utilization rate, a level that would provide Horsehead with about 600,000 tons of electric arc furnace (EAF) dust feedstock this year. We believe that once industry steel utilization rates reach the low 80% level, Horsehead will operate at 100% of its EAF dust processing capacity, which is more than 700,000 tons per year."

For more ratings news on Horsehead Holding click here and for the rating history of Horsehead Holding click here.

Shares of Horsehead Holding closed at $16.59 yesterday.

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