Baird Remains Bullish on Chemtura (CHMT) Following a Mixed 4Q Report
Baird reiterated an Outperform rating and $35.00 price target on Chemtura Corporation (NYSE: CHMT) following the company's 4Q earnings report. CHMT reported net sales of $399M missed consensus estimates of $420.1M. Non-GAAP EPS was $0.44, ahead of $0.41 consensus. CHMT also announced pension plan changes which will reduce its pension benefit obligation by $350M-$375M.
Analyst Ben Kallo commented, "Q4 results missed our/consensus estimates on the top line but beat on adj. EPS. Core segments were impacted by unfavorable sales mix, but benefited from lower raw materials prices. CHMT also announced pension plan changes which will reduce its pension benefit obligation by $350M-$375M. We’ll look for details about potential softness in clear brine fluid demand, effectiveness of the bromine price increase, and expectations for petroleum additives on the upcoming management call."
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Shares of Chemtura Corporation closed at $26.65 yesterday.