FBR Capital Maintains a 'Market Perform' on Horsehead Holding (ZINC); Nice Beat on the Quarter; Focus Is Now on Growth

FBR Capital maintains a 'Market Perform' on Horsehead Holding (NASDAQ: ZINC), PT $16.

FBR analyst says, "The investment thesis on ZINC is primarily based on (1) strong commodity prices, (2) improving steel output from EAF-based producers, and (3) deployment of surplus cash in value-enhancing growth projects."

"We are increasing our 2011 EPS/EBITDA estimates on ZINC to $1.18/$99.4M from $1.04/$91.4M. The changes primarily reflect betterthan-expected 1Q11 earnings, partially offset by a slight lowering of estimates in the remaining three quarters, as the company announced that it may operate with one or more kilns idled at its recycling facilities given the lower-thanexpected steel capacity utilization rates. We are largely keeping our 2012 EPS/EBITDA estimates unchanged at $1.18/$102M."

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 $14.01 yesterday.

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