Canaccord Genuity Reiterates a 'Buy' on Horsehead Holding (ZINC); New Zinc Plant Will Position Horsehead as Low-cost Producer

Canaccord Genuity reiterates a 'Buy' on Horsehead Holding (NASDAQ: ZINC) and price target of $20.00.

Canaccord analyst, Eric Prouty, says, "The firm’s recent 8k provides new details about the construction cost and anticipated benefits of its new zinc facility. We continue to favor this major strategic initiative as we conclude it will position Horsehead as one of the industry’s low-cost producers of zinc...We expect minimal dilution to earnings per share from new debt, as we now estimate 2012 EPS at $1.35 vs. $1.40 previously. We also adjust our 2011 EPS estimate to $0.76 from $0.78."

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 $11.88 yesterday.

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