UPDATE: Deutsche Bank Raises Target on Rockwood to $60
Deutsche Bank maintains its Buy rating on Rockwood (NYSE: ROC) and raises its price target by $10 to $60, reflecting revised EPS for 2012 on the company's highly accretive debt refinancing and M&A activity in the sector.
Deutsche Bank says, "Interest savings on the debt being repaid will total $40MM. Net of ~$12MM of interest on the new term loan and foregone interest income on ~$180MM of cash which will be used to redeem the notes, net interest savings will total $28MM/yr, or $0.25/share. ...Interest savings on the debt being repaid will total $40MM. Net of ~$12MM of interest on the new term loan and foregone interest income on ~$180MM of cash which will be used to redeem the notes, net interest savings will total $28MM/yr, or $0.25/share."
ROC closed at $49.87 a share yesterday.
