UPDATE: Monness Crespi Hardt Downgrades W.R. Grace to Neutral on Share Appreciation

Monness Crespi Hardt downgraded W.R. Grace

from Buy to Neutral and raised the price target from $67.00 to $79.00. Monness Crespi Hardt noted, "We are downgrading GRA to Neutral as we see limited near term upside after the shares' significant appreciation over the past 12-months (30+%). Our new target of $79, represents single-digit upside from here. We continue to believe in GRA's positive story (great Catalyst business, Construction rebound, & bankruptcy emergence), but believe that the shares are already reflecting much of the near term positives. GRA's guidance for 2013 EBITDA growth of 8-12% seems to already be reflected in the shares' 9.5x EV/EBITDA multiple." W.R. Grace closed at $75.59 on Wednesday.