Deutsche Bank Downgrades Kronos (KRO) to Hold; Cutting Estimates on Higher Ore Costs

Deutsche Bank downgraded Kronos (NYSE: KRO) from Buy to Hold, price target lowered by $1 to $23.

Deutsche analyst says, "Following revisions to our model to reflect higher feedstock ore costs, we have lowered our 2013E EPS by $0.65 to $2.75, up 6%. With paint companies reducing their TiO2 usage through a multitude of actions, feedstock ore costs likely to peak in 2012/13 as new projects come on-stream and minimal TiO2 capacity being added, we believe the TiO2 cycle is entering a new phase of stabilization with earnings likely to hold steady at current levels through 2015."

Deutsche Bank is also lowering Q4E EPS by $0.25 to $0.44. Lowering 2012E EPS by $0.65 to $2.75.

For an analyst ratings summary and ratings history on Kronos click here. For more ratings news on Kronos click here.

Shares of Kronos closed at $22.56 yesterday.

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