UPDATE: KeyBanc Capital Markets Initiates Chemtura at Buy on 2013 Earnings Outlook
KeyBanc Capital Markets initiated coverage on Chemtura (NYSE: CHMT) with a Buy rating and a $25 price target.
KeyBanc Capital Markets commented, "In our view, CHMT shares offer significant upside to the value investor from today's price of $18.08. Even in the current macro-environment, CHMT should experience solid earnings growth in 2013 resulting from its portfolio management, continuous development of its higher growth businesses and capitalizing on its leverage to favorable global trends, such as increasing environmental regulations and standards. It is true that CHMT is impacted by cyclical markets, like electronics, but we believe that shares and forward expectations now reflect today's weak environment."
Chemtura closed at $18.08 on Thursday.
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