Canaccord Genuity Maintains a 'Buy' on Sims Metal Management (SMS); Q2 Preview
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Price: $9.17 --0%
Rating Summary:
2 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
2 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Canaccord Genuity maintains a 'Buy' on Sims Metal Management (NYSE: SMS) price target of A$24.00.
Canaccord analyst, Eric Prouty, said, "We think caution is warranted heading into Sims’s F2011 full-year results report, due in the US this Thursday evening. In particular, we are concerned with ferrous scrap margins given the likelihood of tight metal spreads from the company’s US East Coast and Midwest operations. With SGM trading near its 52-week low, however, we see long-term value here and maintain our rating for that reason."
"We see risk to our F2011 revenue/EPS estimates of A$8.5B/A$0.83, which are basically in line with consensus of A$8.7B/A$0.83. We note that Sims will not provide FQ4 (June) results specifically, but our estimates imply FQ4 revenue/EPS of A$2.35B/A$0.23."
For more ratings news on Sims Metal Management click here and for the rating history of Sims Metal Management click here.
Shares of Sims Metal Management closed at $14.49 yesterday.
Canaccord analyst, Eric Prouty, said, "We think caution is warranted heading into Sims’s F2011 full-year results report, due in the US this Thursday evening. In particular, we are concerned with ferrous scrap margins given the likelihood of tight metal spreads from the company’s US East Coast and Midwest operations. With SGM trading near its 52-week low, however, we see long-term value here and maintain our rating for that reason."
"We see risk to our F2011 revenue/EPS estimates of A$8.5B/A$0.83, which are basically in line with consensus of A$8.7B/A$0.83. We note that Sims will not provide FQ4 (June) results specifically, but our estimates imply FQ4 revenue/EPS of A$2.35B/A$0.23."
For more ratings news on Sims Metal Management click here and for the rating history of Sims Metal Management click here.
Shares of Sims Metal Management closed at $14.49 yesterday.
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