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UPDATE: J.P. Morgan Upgrades Compass Minerals on Valuation

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In a report published Wednesday, J.P. Morgan analyst Jeffrey J. Zekauskas upgraded Compass Minerals (NYSE: CMP) from Underweight to Neutral, and raised the price target from $65.00 to $66.00.

In the report, J.P. Morgan noted, “We lift our rating for Compass Minerals from Underweight to Neutral. CMP shares have increased 6% since the beginning of 2012 versus a 34% increase in the S&P 500 Index over the same period. Our Neutral rating for CMP reflects what we now view to be a reasonable valuation for Compass, a major producer of consumer and highway deicing salt and specialty fertilizer. We find Compass shares to be fully valued at current levels. CMP shares trade at an EV/EBITDA multiple of 10.3x based on 2014 estimates versus its specialty chemicals peer group at 9.3x, and versus fertilizer peers, Potash Corp and Mosaic, at 7.8x and 7.2x, respectively. We rate Compass Minerals Neutral for year-ahead performance.”

Compass Minerals closed on Tuesday at $73.06.

Latest Ratings for CMP

DateFirmActionFromTo
Dec 2020Monness, Crespi, HardtDowngradesBuyNeutral
Dec 2020Credit SuisseDowngradesNeutralUnderperform
Nov 2020BMO CapitalMaintainsMarket Perform

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Posted-In: J.P. Morgan Jeffrey J. ZekauskasAnalyst Color Upgrades Analyst Ratings

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