UPDATE: JP Morgan Raises PT to $80 on Hynes International; 2013 Outlook

JP Morgan raises its price target from $72 to $80 on Overweight-rated Haynes International HAYN following a strong operating quarter and a positive outlook into 2013. JP Morgan comments, "Our FY12 EPS moves to $4.30 from $4.25 to reflect the strong F2Q beat and a lower expected tax rate with a more modest expectation for shipment growth providing a partial offset. Although Haynes' average selling prices have consistently topped our estimates in FY12, we retained our forecasted $1.00/lb decline in average 2H prices vs. 1H after the recent uptick in transactional volumes in backlog. Our FY13 estimate of $5.55 remains unchanged, reflective of 1% pricing and 5% volume growth over FY12." HAYN closed at $62.04 on Monday.