Goldman Sachs Downgrades Global Brass and Copper (BRSS) to Neutral

Goldman Sachs downgraded Global Brass and Copper Holdings, Inc. (NYSE: BRSS) from Buy to Neutral with a price target of $14.50 (from $19.00). The change follows Q3 results.

Analyst Sal Tharani said, "While we still believe a recovery in the housing sector could eventually benefit BRSS, the recovery to date has not significantly impacted earnings due to import pressure and a sub-optimal industry utilization rate which has not allowed for pricing power. Additionally, near-term headwinds in the munitions market and a string of poor results have likely clouded investor confidence. Given a lack of near-term catalysts, we believe there are better opportunities elsewhere in our coverage."

For an analyst ratings summary and ratings history on Global Brass and Copper Holdings, Inc. click here. For more ratings news on Global Brass and Copper Holdings, Inc. click here.

Shares of Global Brass and Copper Holdings, Inc. closed at $12.60 yesterday.

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