Canaccord Genuity Reiterates a 'Buy' on Horsehead Holding (ZINC); Q2 Earnings Preview

Canaccord Genuity reiterates a 'Buy' on Horsehead Holding (NASDAQ: ZINC), PT $20.

Canaccord analyst, Eric Prouty, said, "We look for Horsehead to report solid Q2 results from an operational standpoint, benefiting from steady EAF dust receipts, good demand for zinc/zinc oxide, and average LME zinc prices that exceeded our forecast. While we lower our Q2 EPS estimate to reflect mark-to-market charges for zinc price hedges, we emphasize this is an accounting adjustment and does not affect cash flow."

"Taking into account the company’s previously announced $10M after-tax ($0.23/share) non-cash charge for zinc price hedges, we now estimate Q2 EPS of $(0.05) on revenue of $101.7M. Our prior Q2 EPS estimate, which excluded any special items, was $0.18. "

For more ratings news on Horsehead Holding click here and for the rating history of Horsehead Holding click here.

Shares of Horsehead Holding closed at $13.01 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Goldman Sachs on Meta Platforms Inc. (META): 'We expect investors to have an initial negative reaction'
• First Bancshares (FBMS) Tops Q1 EPS by 6c
• Meritage Homes Corporation (MTH) Tops Q1 EPS by 151c; offers guidance