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.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorPrice TargetReiterationIntraday UpdateAnalyst RatingsJP Morgan
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!