Jefferies Maintains a 'Hold' on Globe Specialty Metals (GSM); Reducing Estimates on Lower Contract Prices

Jefferies maintains a 'Hold' on Globe Specialty Metals (NASDAQ: GSM) price target of $13.75 (from $14.50).

Analyst, Luke Folta, said, "F4Q12 GAAP EPS of $0.12 was below our $0.16 forecast primarily due to one-time charges, which elevated SG&A despite strong volume and revenue growth. We are lowering our CY2013 EPS estimate (-$0.19) and price target as Si metal prices to date are below forecast and we believe there is increased probability that contract prices will be lower YoY."

For an analyst ratings summary and ratings history on Globe Specialty Metals click here. For more ratings news on Globe Specialty Metals click here.

Shares of Globe Specialty Metals closed at $14.96 yesterday.

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