Jefferies Cuts Price Targets on Globe Specialty Metals (GSM) Due to New Outlook
Tweet
Share
E-mailGet Alerts GSM Hot Sheet
Price: $3.85 -4.94%
Rating Summary:
3 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
3 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Join SI Premium – FREE
Jefferies is reaffirming its Buy rating on shares of Globe Specialty Metals (NASDAQ: GSM) and is lowering its price target from $25 to $22.50 on a more conservative outlook for silicon metal contract prices in fiscal 2012.
Management reported that the business is running at full capacity and that its order book is full for the remainder of year.
An analyst at Jefferies comments, "For CY2012, GSM continues to negotiate and book contracts and reportedly has 50 percent of its order book filled for next year. Pricing was said to be within current published ranges, although uncertainty exists regarding pricing prospects on the other half of its order book. Coal operations are expected to contribute $20 million in EBITDA in CY2012."
Jefferies is cutting its fiscal 2012 and fiscal 2013 EPS estimates from $1.25 and $1.65 to $1.18 and $1.55. The firm is raising its sales estimates for the two years from $692 million and $742 million to $725 million and $789 million.
For an analyst ratings summary and ratings history on Globe Specialty Metals click here. For more ratings news on Globe Specialty Metals click here.
Shares of Globe Specialty Metals closed at $16.77 yesterday.
Management reported that the business is running at full capacity and that its order book is full for the remainder of year.
An analyst at Jefferies comments, "For CY2012, GSM continues to negotiate and book contracts and reportedly has 50 percent of its order book filled for next year. Pricing was said to be within current published ranges, although uncertainty exists regarding pricing prospects on the other half of its order book. Coal operations are expected to contribute $20 million in EBITDA in CY2012."
Jefferies is cutting its fiscal 2012 and fiscal 2013 EPS estimates from $1.25 and $1.65 to $1.18 and $1.55. The firm is raising its sales estimates for the two years from $692 million and $742 million to $725 million and $789 million.
For an analyst ratings summary and ratings history on Globe Specialty Metals click here. For more ratings news on Globe Specialty Metals click here.
Shares of Globe Specialty Metals closed at $16.77 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Jefferies Starts LunR Royalties Corp (LUNR:CN) at Buy
- Emkay Global Starts Pearl Global Industries (PGIL:IN) at Buy (1)
- RBC Capital Assumes Pepper Money Ltd (PPM:AU) at Sector Perform
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Jefferies & CoSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
