Canaccord Genuity Reiterates a 'Buy' on Horsehead Holding (ZINC); Adjusting Zinc Price Deck; Reducing Estimates & PT
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Price: $26.68 -0.26%
Rating Summary:
2 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
2 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Canaccord Genuity reiterates a 'Buy' on Horsehead Holding (NASDAQ: ZINC) price target cut $1 to $12.50.
Canaccord analyst, Eric Prouty, said, "Although we reduce our estimates to account for lower forecast zinc metal prices, 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. Given our reduced estimates, we lower our price target to $12.50...With our LME zinc price forecast now aligned with the recent forecast made by the GG Metals & Mining team, we estimate Q4 EPS of $0.02 (down from $0.12) and 2012 EPS of $0.50 (down from $0.78). We continue to estimate that every penny change in the price of zinc affects Horsehead’s annual EPS by 2-3 cents."
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 $8.49 yesterday.
Canaccord analyst, Eric Prouty, said, "Although we reduce our estimates to account for lower forecast zinc metal prices, 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. Given our reduced estimates, we lower our price target to $12.50...With our LME zinc price forecast now aligned with the recent forecast made by the GG Metals & Mining team, we estimate Q4 EPS of $0.02 (down from $0.12) and 2012 EPS of $0.50 (down from $0.78). We continue to estimate that every penny change in the price of zinc affects Horsehead’s annual EPS by 2-3 cents."
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 $8.49 yesterday.
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