BMO Capital analyst David Gagliano lowered the price target on GrafTech (NYSE: EAF) to $12.00 (from $14.00) while maintaining a Market Perform rating.

The analyst commented, "Following 4Q results, we are lowering estimates. The lag effect of higher spot UHP GE prices continues to flow through EAF results. But, cost pressures are offsetting these incremental pricing gains, resulting in lower estimates. Bigger Picture: While EAF is positioned to benefit from positive secular drivers for UHP GE prices, in our view near-term cost pressures and increased potential for plateuing spot UHP GE prices suggest limited near-term catalysts. The revised $12 TP (from $14) represents ~5.0x/4.0x/~6.0x 2022E/2023E/'normalized' estimated EBITDA."