Canaccord Genuity Reiterates a 'Buy' on Horsehead (ZINC); Quick Hedging Program Refresher
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Price: $26.58 -0.37%
Rating Summary:
2 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
2 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity reiterates a 'Buy' on Horsehead Holding (NASDAQ: ZINC) price target of $13.50.
Canaccord analyst, Eric Prouty, said, "We remain bullish on Horsehead as its new zinc plant, when completed, should position the company as one of the industry’s low-cost producers of zinc. In this note, we summarize key aspects of the company’s zinc price hedging program, which will remain in place while the new plant is under construction...Assuming a cash balance of $253M plus $100M in newly issued convertible notes, we calculate ZINC trades at 2.1x EV/2012E EBITDA. For comparison, our universe of Recycling/Enviro."
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 $7.52 yesterday.
Canaccord analyst, Eric Prouty, said, "We remain bullish on Horsehead as its new zinc plant, when completed, should position the company as one of the industry’s low-cost producers of zinc. In this note, we summarize key aspects of the company’s zinc price hedging program, which will remain in place while the new plant is under construction...Assuming a cash balance of $253M plus $100M in newly issued convertible notes, we calculate ZINC trades at 2.1x EV/2012E EBITDA. For comparison, our universe of Recycling/Enviro."
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 $7.52 yesterday.
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