UPDATE: KeyBanc Downgrades GrafTech International to Hold
According to KeyBanc, GrafTech International (NYSE: GTI) is downgraded to Hold.
KeyBanc said that although it believes a value proposition still exists for long term investors, recent macro headwinds in Europe, subdued graphite electrode bookings momentum (GTI is 50% booked against 2012 expectations), and persistent raw material cost pressures (petroleum needle coke and pitch) have meaningfully reduced near-term EPS visibility and predictability. “Accordingly, we are reducing our 2012 EPS estimate to $0.85 (from $1.40) vs. the Street's $1.61, including a 1Q12 estimate of $0.08. We are also establishing a 2013 EPS estimate of $1.20.”
GrafTech International closed yesterday at $13.25.
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