UPDATE: Monness Crespi Hardt Cuts PT to $54 on Rockwood Holdings on Acquisition Failure, Weakness

Monness Crespi Hardt reiterated its Buy rating on Rockwood Holdings

but lowered its price target from $59 to $54. Monness Crespi Hardt said, "We are lowering our 4Q and 2013 estimates on ROC due to continued weakness in the titanium dioxide business and the dissolution of the Talison acquisition. We believe ROC's titanium dioxide business weakened sequentially from 3Q, as the company likely ran their plants at operating rates in the 50-60% range. Our previous profit expectations for 4Q were too rosy and we now think the segment will have minimal profitability in 4Q." Rockwood Holdings closed at $48.77 on Wednesday.