UPDATE: Deutsche Bank Initiates Constellium NV at Buy, Specialty Metal Equities Deemed Stable
In a report published on Tuesday, Deutsche Bank analyst David S. Martin initiated coverage on Constellium NV (NYSE: CSTM) with an Buy rating and a $23 price target.
In the report, Deutsche Bank noted, "Specialty metal equities have remained stable in the past 12 months, outpacing our Steel/Coal coverage (-20%) but underperforming the S&P (+18%). We credit this outperformance partially to the value-added nature of downstream products and limited commodity exposure. These attributes should continue to benefit CSTM and we see its valuation (4.6x '14E EBITDA vs 5.9x for closest peers) as compelling for investors. Lastly, our $23 PT implies 42% upside."
Constellium NV closed on Monday at $16.26.
Latest Ratings for CSTM
|Sep 2016||Seaport Global||Initiates Coverage on||Neutral|
|Sep 2016||Societe Generale||Downgrades||Hold||Sell|
|May 2016||Societe Generale||Downgrades||Buy||Hold|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.