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In a report published Tuesday, KeyBanc Capital Markets analyst Peter Cozzone downgraded the rating on
Innophos HoldingsIPHS from Buy to Hold, and removed the $58.00 price target.
In the report, KeyBanc Capital Markets noted, “We are downgrading Innophos Holdings, Inc. (IPHS-NASDAQ) from a BUY to a HOLD given another round of earnings reductions for 2013 and 2014, which puts us firmly below the First Call consensus following a significant 3Q13 earnings miss. IPHS has now missed consensus expectations during four of the last six quarters, and our confidence in the trajectory of earnings has waned as manufacturing issues, slower base specialty phosphate growth heading into 2014 and difficult visibility at GTSP have consistently shaved from our earnings outlook. That being said, we believe the risk/reward for IPHS is balanced based on our reduced 2014 outlook and we do not see a good catalyst to drive further multiple expansion near term.”
Innophos Holdings closed on Monday at $55.56.
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