UPDATE: JP Morgan Cuts PT to $36 on Cabot Corporation on Carbon Black Shortage

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JP Morgan maintained Cabot Corporation
CBT
with a Neutral rating and lowered the price target from $37.00 to $36.00. JP Morgan analyst Jeffrey J. Zekauskas commented, "Cabot indicated during its annual meeting that global carbon black volume decreased in January and February. In addition, the company was contending with the effect of a meaningful carbon black manufacturing outage. Accordingly, we lowered our earnings estimate for 2Q:F13 from $0.88/sh to $0.76/sh and our full year F2013 EPS forecast from $3.35 to $3.25. Our F2014 EPS estimate remains $3.85. Our F2015 earnings projection moved lower from $4.35 to $4.25. Cabot trades at a 6.5x EBITDA multiple adjusted for net pension liabilities for 2013 with a free cash flow yield of 3.5%." Cabot Corporation closed at $35.56 on Friday.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsJP Morgan
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