UPDATE: Goldman Sachs Raises PT on Taminco Following Mixed 2Q13 Earnings Results

In a report published Thursday, Goldman Sachs analyst Robert Koort reiterated a Buy rating on Taminco TAM, and raised the price target from $22.00 to $23.00.

In the report, Goldman Sachs noted, “On August 14, TAM reported mixed 2Q13 earnings results as weakness in some Functional Amines end markets and a stabilizing Crop Protection market were offset by margin and volume growth in Specialty Amines reflecting beneficial recent growth initiatives. After strong share price performance since its April 2013 IPO, the shares traded lower as the salient financial metric, adj. EBITDA, fell slightly short of our $69mn estimate. Nevertheless, the company emphasized confidence in its ability to deliver solid 2H13 growth and better results against easier comparisons, particularly versus 4Q12.”

Taminco closed on Wednesday at $19.99.