JPMorgan Slashes Estimates, Target on Molycorp (MCP) Amid Q1 Report, Cites Higher Costs
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Price: $0.36 --0%
Rating Summary:
2 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
2 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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JPMorgan's Michael Gambardella reduced estimates and his price target on shares of Molycorp (NYSE: MCP) Friday morning following Thursday evening's Q1 results from the company.
Gambardella now sees the company reporting FY12 EPS of just 38 cents, down sharply from a prior estimate of 93 cents. The analyst's FY13 estimate was reduced from $2.53 to $1.42. The Street is looking for FY12 and FY13 EPS of $1.24 and $3.37, respectively.
The JPMorgan analyst cited higher operating costs over the "next several years."
Gambardella maintains a Neutral rating on Molycorp shares, but cut his price target from $27 to $23.
With the stock down about 2 percent to $24.87 at last check, JPMorgan's new target implies potential downside of about 7.5 percent.
For an analyst ratings summary and ratings history on Molycorp click here. For more ratings news on Molycorp click here.
Gambardella now sees the company reporting FY12 EPS of just 38 cents, down sharply from a prior estimate of 93 cents. The analyst's FY13 estimate was reduced from $2.53 to $1.42. The Street is looking for FY12 and FY13 EPS of $1.24 and $3.37, respectively.
The JPMorgan analyst cited higher operating costs over the "next several years."
Gambardella maintains a Neutral rating on Molycorp shares, but cut his price target from $27 to $23.
With the stock down about 2 percent to $24.87 at last check, JPMorgan's new target implies potential downside of about 7.5 percent.
For an analyst ratings summary and ratings history on Molycorp click here. For more ratings news on Molycorp click here.
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