Jefferies Downgrades GrafTech International (GTI) to Hold on Weak 2013 Prospects
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Price: $2.70 --0%
Rating Summary:
1 Buy, 3 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 3 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Jefferies downgraded GrafTech International (NYSE: GTI) from Buy to Hold with a price target of $9.00 (from $15.00).
The firm comments, "Our first round of channel checks regarding 2013 contract negotiations revealed a far weaker market than was anticipated with meaningfully lower YoY prices expected for electrodes/needle coke, excess channel inventories and a more intense competitive environment globally. Earnings in 2013 will decline YoY under these conditions with potential improvement in pricing later-cycle too far from sight to benefit GTI's valuation near term."
FY13 EPS goes from $1.14 to $0.62.
For an analyst ratings summary and ratings history on GrafTech International click here. For more ratings news on GrafTech International click here.
Shares of GrafTech International closed at $9.63 yesterday.
The firm comments, "Our first round of channel checks regarding 2013 contract negotiations revealed a far weaker market than was anticipated with meaningfully lower YoY prices expected for electrodes/needle coke, excess channel inventories and a more intense competitive environment globally. Earnings in 2013 will decline YoY under these conditions with potential improvement in pricing later-cycle too far from sight to benefit GTI's valuation near term."
FY13 EPS goes from $1.14 to $0.62.
For an analyst ratings summary and ratings history on GrafTech International click here. For more ratings news on GrafTech International click here.
Shares of GrafTech International closed at $9.63 yesterday.
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