Wedbush Cuts Price Target on Minerals Technologies (MTX) to $70 Following 2Q Results and Guidance

Wedbush maintained an Outperform rating on Minerals Technologies (NYSE: MTX), and cut the price target to $70.00 (from $75.00), following the company's 2Q earnings results. MTX reported EPS of $1.18 beating consensus by 2c. The company guided 3Q EPS at $1.00-$1.05, with sequentially flat revenue.

Analyst Al Kaschalk commented, "We are reaffirming our outperform stance on shares of Minerals Technologies (MTX) following 2Q EPS that topped our estimate by $0.03. With near-term headwinds from foreign currency, weak global steel market and significantly lower on-shore service lines within Energy Services (ES), management guided 3Q down. With 3Q estimates reset to match current business conditions, we view the current share price as an excellent entry point given what we believe to be further productivity enhancements that can support mid-teens operating margin nearly 200bps from current levels."

For an analyst ratings summary and ratings history on Minerals Technologies click here. For more ratings news on Minerals Technologies click here.

Shares of Minerals Technologies closed at $60.60 yesterday.

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