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UPDATE: KeyBanc Upgrades Materion to Buy, Establishes PT of $31

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In a published report, KeyBanc Capital Markets upgrades Materion Corporation (NYSE: MTRN) to Buy from Hold and establishes a price target of $31 as shares appear overly discounted in light of intact secular growth.

KeyBanc says, “Subdued 3Q11 consumer electronics-oriented order entry (20-25% value-added revenue) and slowing global growth concerns, particularly in the Eurozone, appear solidly to overly discounted in the price of MTRN shares against historic valuation metrics, including discounts for an extended macro downturn with no 2012 resolution of the current supply chain overhang in consumer electronics related components (cell phones and handheld device components). Stronger than expected Black Friday sales provided the first tangible evidence that pent-up consumer demand and cautious electronic production schedules into the holiday season could set the stage for some modest demand recovery early next year.”

MTRN closed at $21.21 per share on Monday.

 

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