FBR Capital Downgrades Horsehead Holding (ZINC) to Market Perform
Get Alerts ZINC Hot Sheet
Rating Summary:
2 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 13 | New: 18
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FBR Capital downgraded Horsehead Holding (NASDAQ: ZINC) from Outperform to Market Perform with a price target of $21.00 citing see limited upside after the recent rally even after giving full expected earnings growth credit for the new facility, which is still in its ramp-up phase.
Analyst Mitesh Thakkar notes ZINC has outperformed since its August 2013 lows as the stock rallied nearly 68% versus 17% for the S&P 500 and 23% for the XME as the new facility approached completion.
"While the ramp-up is still underway and the lead-silver circuit has yet to be completed, investors have largely priced in the potential earnings growth ($90M to $110M in EBITDA), leaving limited upside. While commodity fundamentals remain solid, we choose to move to the sidelines and wait for a better entry point while the new plant ramps up (three to six months)."
For an analyst ratings summary and ratings history on Horsehead Holding click here. For more ratings news on Horsehead Holding click here.
Shares of Horsehead Holding closed at $18.37 yesterday.
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