UPDATE: Auriga Maintains Buy, Lowers PT to $17 on Globe Specialty Metals

Auriga reiterates its Buy rating on Globe Specialty Metals GSM and lowers its price target to $17 from $21 on key market weakness pressuring price trends. Auriga says, "While GSM remains exposed to macro related headwinds and earnings revision risk, we believe the current valuation and longer-term prospects, including a continuation of an impressive growth through acquisition strategy, bodes well for the shares. We also believe shares will benefit as more details are released regarding the Alden Resources (coal assets which further backward integrate the company) acquisition. While we remain guarded ahead of the quarterly release, we encourage longer-term investors to accumulate shares opportunistically." GSM closed at $13.45 per share on Thursday.