Auriga Reiterates a 'Buy' on Haynes International (HAYN); Impressive Improvement in Gross Margins

Auriga reiterates a 'Buy' on Haynes International (NASDAQ: HAYN) price target of $83.00.

Analyst, Hari Chandra, said, "HAYN reported impressive fiscal 2Q12 EPS results of $1.23 versus our estimate of $1.00 and consensus of $1.04. This compares to $0.68 in the prior quarter and $0.51 in the year ago period. Top-line results modestly exceeded our estimate, with the sequential gross margin improvement of approximately 300 basis points providing the largest variance relative to our estimates. We believe the ongoing gross margin improvement has been a significant driver in the company's relative share price outperformance. Additionally, with the company's capital investment initiatives continuing to improve the overall operational efficiencies we continue to believe HAYN remains an underappreciated restructuring story."

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

Shares of Haynes International closed at $62.44 yesterday.

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