New York, August 3 (FinanceEnquiry.com) – Analysts at Deutsche Bank Securities reiterate their BUY rating on the shares of Ferro (NYSE: FOE). The 12-month target price has been reduced from $6 to $5.
In a research note published on August 1, the analysts mention that from a combination of Ferro Business System savings, reductions of European cost, a modest recovery in Electronic Materials (EM) and growth, earnings power of $0.65 to $0.80 in the year 2014 is believed to exist, even though in the non- EM businesses, it is modest too. This is the actual reason behind the reiteration of BUY rating.
In addition to this, a worsening in the competitive position in any of Ferro’s key businesses is not suggested by the drivers of the reduced earnings such as lower sales of solar paste, weakness of electronics and European slowdown, although the sharp diminution in the guidance of 2012 from $0.40-$0.60 to $0.15-$0.20 has been clearly disappointing. Hence, at 6.8x ‘13E EPS, shares of FOE appear attractive, the analysts add further.
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