UPDATE: Monness Crespi Hardt Reiterates Buy Rating, Lowers PT on Koppers Holdings on Nice 4Q Earnings Beat

In a report published Friday, Monness Crespi Hardt reiterated its Buy rating on Koppers Holdings

, but lowered its price target from $49.00 to $46.00. Monness Crespi Hardt noted, “KOP ended a difficult 2012 with a nice earnings beat in 4Q, even though it was driven by a lower tax rate. We believe 2013 will be a better year for KOP, with a number of headwinds for the key Carbon Materials business dissipating. That said, the caution management displayed yesterday on both lingering demand weakness in Europe and via lower than expected guidance for 1Q, have us trimming our estimate for 2013 and commensurately lowering our target. KOP has a couple of very good business but needs to see the Carbon Materials business get back on track, both through better pitch demand but also better margins. We see 2013 as helping KOP move forward on both those issues and thus given the current valuation, maintain our Buy rating. “ Koppers Holdings closed on Thursday at $41.44.