Wells Fargo Adjusts Estimates & Price Target on Kronos (KRO), Transferring Coverage
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Price: $8.47 -2.08%
Rating Summary:
3 Buy, 3 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 3 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wells Fargo is transferring coverage on shares of Kronos (NYSE: KRO), but is maintaining its Outperfrom rating. The firm is also lowering its valuation range to $24-$25 from $40-$43 previously.
Pricing increased roughly 40 percent year-over-year in the second quarter and the firm believes that it will continue to grow. This has helped the company trim its debt down to $512 million and its debt/EBITDA ration to 0.4x from 3.5x a year ago. Net debt/total cap ratio has fallen to around 25 percent, well below its above 60 percent range in the 2008 and 2009 period.
An analyst at Wells Fargo comments, "The TiO2 cycle has a bit more to run given limited capacity and healthy demand. KRO's balance sheet has been repaired, and the current valuation now appears attractive."
The new analyst at Wells changed its 2011 and 2012 EPS estimates to $2.80 and $3.50 from $3.23 and $5.24.
For more ratings news on Kronos click here and for the rating history of Kronos click here.
Shares of Kronos closed at $19.60 yesterday.
Pricing increased roughly 40 percent year-over-year in the second quarter and the firm believes that it will continue to grow. This has helped the company trim its debt down to $512 million and its debt/EBITDA ration to 0.4x from 3.5x a year ago. Net debt/total cap ratio has fallen to around 25 percent, well below its above 60 percent range in the 2008 and 2009 period.
An analyst at Wells Fargo comments, "The TiO2 cycle has a bit more to run given limited capacity and healthy demand. KRO's balance sheet has been repaired, and the current valuation now appears attractive."
The new analyst at Wells changed its 2011 and 2012 EPS estimates to $2.80 and $3.50 from $3.23 and $5.24.
For more ratings news on Kronos click here and for the rating history of Kronos click here.
Shares of Kronos closed at $19.60 yesterday.
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