Compass Minerals International (CMP) PT Raised to $84 at Stifel Following Earnings
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Stifel analyst Vincent Anderson raised the price target on Compass Minerals International (NYSE: CMP) to $84.00 (from $83.00) while maintaining a Buy rating.
The analyst commented, "We are updating our estimates for planned asset divestments as well as updated 2021 guidance. Steady improvement at Goderich, a de-risked 2021 bid season, and positive impact of high freight rates on import competition in Salt and SOP should combine with imminent balance sheet deleveraging to give Compass ample breathing room to begin communicating on its go-forward strategy over the balance of the year. While too early to speculate as to what shape that may take, we believe it's clear that management is focused on leveraging core operating competencies vs. the more 'portfolio synergy' view that we would use to label the prior investments in micronutrients. We maintain our Buy rating and nudge our target price higher as we expect the trimmed asset portfolio and improvements to Goderich and the balance sheet can help the company regain its place as a low-beta portfolio holding with a solid dividend payout."
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