UPDATE: Monness Crespi Hardt Downgrades Ferro Corporation to Neutral on Valuation
Monness Crespi Hardt reduced its rating on Ferro Corporation (NYSE: FOE) from Buy to Neutral with a $4 price target.
Monness Crespi Hardt noted, "We are downgrading Ferro from Buy to Neutral as its shares now exceed our $4 price target. The recent run in FOE shares has seen them climb over 70% from recent lows as the low valuation and better news from the Chinese solar industry have attracted investors. FOE is currently trading at levels not seen since July. However, FOE shares are still way below 12-month highs as the business outlook remains quite uncertain. Although we believe that at current levels FOE shares still represent good value, the uncertainties surrounding the company make the risk reward less favorable to us over $4/share."
Ferro Corporation closed at $4.15 on Friday.
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