Piper Jaffray Maintains Neutral on Calgon Carbon Corp. (CCC)

Piper Jaffray is out with its report today on Calgon Carbon Corp.

, maintaining Neutral. In a note to clients, Piper Jaffray writes, "We maintain our Neutral rating and $15 target on shares of CCC following quarterly results that were generally in-line with expectations. EPS of $0.22 was in-line with PJC and consensus excluding a five cent tax benefit. Revenue growth in 4Q was largely driven by acquisitions while the base business was flat y/y. The company's capacity expansion projects are on schedule for completion in 1H11, and management spoke positively about top-line growth potential in FY11. Gross margins remain under pressure which we expect to continue into FY11, weighing on earnings." Shares of CCC closed Thursday at $14.25.