UPDATE: KeyBanc Downgrades Materion Corp. to Hold, Removes PT
In a report published Monday, KeyBanc downgraded its rating on Materion Corp. (NYSE: MTRN) from Buy to Hold, and removed its $30.00 price target.
KeyBanc noted, “We are downgrading shares of Materion Corporation (MTRN-NYSE) to HOLD from BUY as investors have begun to better acknowledge the Company's progress with Performance Alloys mix management, end market diversification, and potential 2013 GAAP EPS improvement from reduced consolidation/beryllium start-up headwinds. Since our upgrade on November 29, 2011, MTRN shares have returned 30% vs. the S&P 500 and the Steel Market Vectors Index (SLX-NYSE) of +26% and +3%, respectively. Risk-reward at present levels also appears more balanced via potential for an extended recovery in consumer electronics (25-30% of value-added sales), including malaise around growth momentum at Apple (AAPL-NASDAQ; Not Covered), a more challenging U.S. defense market (10-15% of value-added sales), likely destocking in oil/gas markets, and more tepid global macro momentum.”
Materion Corp. closed on Friday at $27.49.
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