Deutsche Bank Upgrades Ferro Corp. (FOE) to Buy
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Price: $22.01 --0%
Rating Summary:
3 Buy, 9 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 9 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Deutsche Bank upgraded Ferro Corp. (NYSE: FOE) from Hold to Buy.
The firm said, "With Ferro shares down 25% since the Q1 release in late April, Ferro is now the cheapest stock in specialty chemicals at 4.6x ‘12E EBITDA vs. 6.6x, for the group. The cause of the decline is an inventory correction in solar modules that is impacting demand for Ferro’s high margin solar paste. While there is $0.10-$0.15 of downside in ‘11 if the correction lasts longer than 3-6 months, with the future of solar bright as governments back away from nuclear power, we believe downside in the shares is limited. With valuation compelling, we upgrade Ferro to Buy."
For more ratings news on Ferro Corp. click here and for the rating history of Ferro Corp. click here.
Shares of Ferro Corp. closed at $12.55 yesterday.
The firm said, "With Ferro shares down 25% since the Q1 release in late April, Ferro is now the cheapest stock in specialty chemicals at 4.6x ‘12E EBITDA vs. 6.6x, for the group. The cause of the decline is an inventory correction in solar modules that is impacting demand for Ferro’s high margin solar paste. While there is $0.10-$0.15 of downside in ‘11 if the correction lasts longer than 3-6 months, with the future of solar bright as governments back away from nuclear power, we believe downside in the shares is limited. With valuation compelling, we upgrade Ferro to Buy."
For more ratings news on Ferro Corp. click here and for the rating history of Ferro Corp. click here.
Shares of Ferro Corp. closed at $12.55 yesterday.
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