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UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Compass Minerals International

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In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Compass Minerals International (NYSE: CMP), but lowered its price target from $80.00 to $78.00.

Deutsche Bank noted, “Deicing prices down 2% in '12-'13 but costs normalizing. Hold. Compass' '12-'13 North American highway deicing bid season ended on a down note with pricing down 2% (vs a l-t avg of +3-4%). With high customer inventories post last year's mild winter limiting customer bid activity, Compass is forecasting '12-'13 deicing volumes of 7MM mt vs a 10 yr avg of 7.6MM mt (and 5.8MM mt last year). With Salt operating costs (almost) normalizing in Q4 coupled with the expectation of normal winter weather, Compass earnings should be up sharply in ‘13E (+42%). However, with near-term pricing pressure in Salt, cost pressures in SOP persisting thru Q1'13 and valuation a fair 16.9x '13E EPS, Hold.”

Compass Minerals International closed on Tuesday at $77.00.

Latest Ratings for CMP

Oct 2016Monness Crespi HardtUpgradesSellNeutral
Jul 2016Stifel NicolausInitiates Coverage onBuy
Jun 2016KeyBancDowngradesOverweightSector Weight

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Posted-In: Deutsche BankAnalyst Color Price Target Analyst Ratings


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