Ferro Corp. (NYSE:FOE) was upgraded by stock analysts at Deutsche Bank from a “hold” rating to a “buy” rating in a report issued on Friday, TheFlyOnTheWall.com reports. The firm currently has a GBX 8 ($0.12) target price on the stock.
The analysts wrote, “Ferro shares rose 3% as the company posted its 2nd consecutive upside earnings surprise. Ferro’s cost saving initiatives and value creation strategy are gaining traction and driving sharply improved results despite a challenging macro backdrop. While earnings will be down sequentially in 2H13, this is entirely due to normal seasonal factors. With Ferro’s cost initiatives on track to generate $0.22 of savings in ’13 and an additional $0.30 of savings in ’14, Ferro reaffirming its ’13 EPS guidance of $0.35-$0.40 (vs $0.01 a year ago) and valuation an attractive 11.2x ’14E EPS, we are upgrading Ferro to Buy from Hold with a price target of $8, upside of 19%.”
Shares of Ferro Corp. (NYSE:FOE) traded up 2.97% during mid-day trading on Friday, hitting $6.93. Ferro Corp. has a 52 week low of $2.38 and a 52 week high of $7.26. The stock’s 50-day moving average is currently $6.8. The company’s market cap is $599.9 million.
Separately, analysts at Sidoti downgraded shares of Ferro Corp. from a “buy” rating to a “neutral” rating in a research note to investors on Wednesday, May 8th.
One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $22.50.
Ferro Corporation (NYSE:FOE) is a producer of specialty materials and chemicals that are sold to a range of manufacturers who, in turn, make products for many end-use markets.
