Oppenheimer on Chemtura (CHMT): Strong Q2 Plus Boost to Buyback - Shares 15% Higher
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Price: $33.50 --0%
Rating Summary:
1 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Oppenheimer maintains an 'Outperform' on Chemtura Corporation (NYSE: CHMT) price target of $24.00.
Analyst, Edward Yang, said, "CHMT reported 2Q12 managed basis EPS of $0.61 (GAAP $0.50), up 19.3% and $0.10 above our estimate. Sales fell 3.5% yoy (+3.1% price, -4.7% volume/mix, -1.9% F/X), but were in line. Ag led the upside with strong margin expansion to 20.5% on new products, restructuring benefits, and reduced bad debt expense. Industrial Performance was modestly above model, but Engineered (bromine) was weaker than expected with down margin yoy and sequentially, as the electronics recovery "stalled." Currency gains added $7M, while lower Corporate expenses was offset by higher taxes. Guidance was unchanged, yoy improvement in 2H12, with strength in Agrosolutions, improvement in Consumer, and new products and execution offsetting softer volumes for the industrial segments."
Note - shares are trading up 15% this morning
For an analyst ratings summary and ratings history on Chemtura Corporation click here. For more ratings news on Chemtura Corporation click here.
Shares of Chemtura Corporation closed at $12.99 yesterday.
Analyst, Edward Yang, said, "CHMT reported 2Q12 managed basis EPS of $0.61 (GAAP $0.50), up 19.3% and $0.10 above our estimate. Sales fell 3.5% yoy (+3.1% price, -4.7% volume/mix, -1.9% F/X), but were in line. Ag led the upside with strong margin expansion to 20.5% on new products, restructuring benefits, and reduced bad debt expense. Industrial Performance was modestly above model, but Engineered (bromine) was weaker than expected with down margin yoy and sequentially, as the electronics recovery "stalled." Currency gains added $7M, while lower Corporate expenses was offset by higher taxes. Guidance was unchanged, yoy improvement in 2H12, with strength in Agrosolutions, improvement in Consumer, and new products and execution offsetting softer volumes for the industrial segments."
Note - shares are trading up 15% this morning
For an analyst ratings summary and ratings history on Chemtura Corporation click here. For more ratings news on Chemtura Corporation click here.
Shares of Chemtura Corporation closed at $12.99 yesterday.
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