KeyBanc Downgrades MRC Global (MRC) to Sector Weight

KeyBanc downgraded MRC Global (NYSE: MRC) from Overweight to Sector Weight and removed its price target. Analyst Jeffrey D. Hammond sees balanced risk-reward.

"Following MRC's 3Q15 conference call and the stock's healthy run-up on Friday (+14% vs. S&P and XLI down 0.5%) amid management's successful cost-out and debt reduction efforts, we are downgrading the shares to Sector Weight. We believe MRC's risk-reward is now balanced NT given the well-known end market demand challenges that are slated to linger through most of next year. We remain encouraged by the Company's proactive rightsizing measures and ability to optimize its capital structure through strong FCF generation. In the event of a pronounced pullback or greater visibility on the next up-cycle, we would revisit an OW rating," said Hammond.

For an analyst ratings summary and ratings history on MRC Global click here. For more ratings news on MRC Global click here.

Shares of MRC Global closed at $14.60 yesterday.

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