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UPDATE: Credit Suisse Lowers PT on Compass Minerals Following Reduced 2013 EPS Estimate

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In a report published Tuesday, Credit Suisse analyst C. Parkinson reiterated an Underperform rating on Compass Minerals (NYSE: CMP), but lowered the price target from $77.00 to $68.00.

In the report, Credit Suisse noted, “As recent trends in the salt segment's bidding season (~60% complete as of 2Q13 earnings) are indicating slightly negative pricing (roughly -2%), we are further reducing our 2013 EPS estimate to $3.56 (from $4.00). We are also reducing our 2014 EPS estimate to $4.05 (from $5.15), based on slightly lower pricing assumptions for both the salt and the SOP businesses. Our target price goes to $68 (from $77). In our view recent lackluster demand trends within certain regions and high producer inventory levels are unlikely to materially improve in the near term, leaving little room for pricing improvement during the latter half of the bidding season.”

Compass Minerals closed on Monday at $76.26.

Latest Ratings for CMP

DateFirmActionFromTo
Nov 2020BMO CapitalMaintainsMarket Perform
Aug 2020Credit SuisseMaintainsNeutral
Aug 2020StifelMaintainsBuy

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Posted-In: C. Parkinson Credit SuisseAnalyst Color Price Target Analyst Ratings

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