UPDATE: JP Morgan Downgrades Minerals Technologies to Neutral on Valuation

JP Morgan downgraded Minerals Technologies MTX from Overweight to Neutral and raised the price target from $39.00 to $43.00. JP Morgan noted, "We believe MTX's unleveraged balance sheet, its diligence in reducing costs and optimizing capital spending, and its success in improving returns on capital have led to the relative outperformance over the past 12 months. The shares, however, have pierced our previous December 2013 price target of $39, and the current valuation of 7.1x EV/EBITDA (pension adjusted) reflects a fair valuation for MTX, in our view." Minerals Technologies closed at $42.34 on Tuesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorDowngradesAnalyst RatingsJP Morgan
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!