Jefferies Maintains a 'Buy' on Materion Corp. (MTRN); Lowered Outlook Priced In

Jefferies maintains a 'Buy' on Materion Corp. (NYSE: MTRN) price target of $34.00 (from $40.00).

Analyst, Luke Folta, said, "2Q EPS of $0.38 exceeded ours/Street estimates of $0.36/$0.35. However, MTRN reduced its 2013 EPS guidance to $1.50-1.60 (vs. $1.95-2.00 prior) given the moderating demand, which judging by today's positive share price performance was already priced in. At depressed multiples on cyclically low earnings, we see minimal downside risk and an upward earnings trajectory from here and maintain our rating."

FY12 EPS estimate lowered from $1.95 to $1.54 and FY13 from $2.55 to $2.09.

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

Shares of Materion Corp. closed at $20.13 yesterday.

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