UPDATE: JP Morgan Downgrades Minerals Technologies to Neutral on Valuation
JP Morgan downgraded Minerals Technologies (NYSE: MTX) from Overweight to Neutral and raised the price target from $39.00 to $43.00.
JP Morgan noted, "We believe MTX's unleveraged balance sheet, its diligence in reducing costs and optimizing capital spending, and its success in improving returns on capital have led to the relative outperformance over the past 12 months. The shares, however, have pierced our previous December 2013 price target of $39, and the current valuation of 7.1x EV/EBITDA (pension adjusted) reflects a fair valuation for MTX, in our view."
Minerals Technologies closed at $42.34 on Tuesday.
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