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UPDATE: Piper Jaffray Initiates WR Grace at Overweight on Successful Re-Emergence

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Earnings Scheduled For February 5, 2014

Piper Jaffray initiated coverage on WR Grace (NYSE: GRA) with an Overweight rating and a $70 price target.

Piper Jaffray commented, "We believe shares will work into successful and timely emergence from Chapter 11 next year, margin expansion from a pipeline of new zeolite catalyst technologies, and shaking off the unfavorable mix shift in Materials Technologies seen in 1H12 results. In addition, we are encouraged by the progress in building catalyst production capacity in the Middle East and China, both key areas of growth. Post emergence, we expect Grace to be at the top end of their peer group in terms of cash generation ($6/share, 10% yield in FY13) which bodes well for internal growth projects and acquisitions."

WR Grace closed at $58.84 on Wednesday.

Latest Ratings for GRA

DateFirmActionFromTo
Oct 2014Monness, Crespi, Hardt & Co.UpgradesNeutralBuy
Jun 2014MacqurieUpgradesNeutralOutperform
Apr 2014Credit SuisseMaintainsOutperform

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Posted-In: Piper JaffrayAnalyst Color Initiation Intraday Update Analyst Ratings

 

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