UPDATE: Ascendiant Capital Markets Initiates Horsehead Holding at Buy on Low-Cost Structure

Ascendiant Capital Markets initiated Horsehead Holding

with a Buy rating and a $14.00 price target. Ascendiant Capital Markets said, "ZINC is constructing a new zinc plant that should drive down the company's cost structure dramatically. Once operational and fully ramped, the new plant should permanently reduce the cash breakeven point from ~$0.65/lb. to $0.40-$0.45/lb. vs. low-cost mined zinc that carries breakeven costs at ~$0.80/lb. This would makeZINC one of the lowest cost producers of zinc products in the world. … We see organic growth through adjacent metals recovery for such metals as lead, silver, cadmium, vanadium, and molybdenum through the new plant's operations and potential acquisitions." Horsehead Holding closed at $10.69 on Monday.