Deutsche Bank lowers its rating on Kronos Worldwide KRO to Hold from Buy and cuts its price target $1 to $23 as it revises EPS estimates for 2013 to reflect higher ore costs.
Deutsche Bank says, "Following revisions to our model to reflect higher feedstock
ore costs, we have lowered our 2013E EPS by $0.65 to $2.75, up 6%. With paint
companies reducing their TiO2 usage through a multitude of actions, feedstock
ore costs likely to peak in 2012/13 as new projects come on-stream and minimal
TiO2 capacity being added, we believe the TiO2 cycle is entering a new phase of
stabilization with earnings likely to hold steady at current levels through 2015."
KRO closed at $22.56 a share yesterday.
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