Horsehead Holding (NASDAQ:ZINC) got a big EPS estimate boost for 2011 on expectations zinc prices will go up on increasing demand.
Canaccord says, "To reflect the strong rebound in zinc metal prices over the past few months, we raise our LME zinc price assumptions for 2011. As a result, our 2011 EPS estimate goes to $1.00, from $0.85 previously. Meanwhile, steel industry data points look increasingly positive, with production levels expected to increase this year which we conclude should drive stronger demand for zinc used in the steel galvanizing process."
Canaccord Genuity reiterates a "Buy" on Horsehead Holding, which was trading at $12.94, up $0.34, or 2.70 percent. Canaccord has a price target of $17 on them.
Showing posts with label Horsehead Holding. Show all posts
Showing posts with label Horsehead Holding. Show all posts
Tuesday, January 11, 2011
Monday, December 13, 2010
Metalico (AMEX:MEA), Schnitzer Steel (NASDAQ:SCHN), Sims Metal (NYSE:SMS) Look Strong in Scrap Sector
The recent increase in iron ore prices by Rio Tinto (NYSE:RIO) may indicate a strong scrap industry, and companies like Metalico (AMEX:MEA), Schnitzer Steel (NASDAQ:SCHN) and Sims Metal (NYSE:SMS) are among the favorites of Canaccord.
In the steel industry they like Horsehead Holding (Nasdaq:ZINC) and GrafTech International (NYSE:GTI).
Canaccord said, "We remain bullish on the scrap industry. We reiterate our BUY ratings on Metalico, Schnitzer Steel Industries, and Sims Metal Management. We also continue to recommend two stocks that will benefit from improving conditions in the steel industry: Horsehead Holding, a leading processor of electric arc furnace dust and producer of zinc, and GrafTech International, a major supplier of graphite electrodes to electric arc furnace steelmakers worldwide."
Metalico was trading at $5.43, up $0.13, or 2.45 percent as of 11:57 AM EST. Schnitzer Steel Industries was trading at $62.25, up $1.03, or 1.68 percent. Sims Metal was at $20.05, up $0.45, or 2.30 percent.
Horsehead Holding was trading at $12.31, up $0.12, or 0.98 percent, as of 12:00 PM EST. GTI increased to $20.46, up $0.54, or 2.71 percent.
In the steel industry they like Horsehead Holding (Nasdaq:ZINC) and GrafTech International (NYSE:GTI).
Canaccord said, "We remain bullish on the scrap industry. We reiterate our BUY ratings on Metalico, Schnitzer Steel Industries, and Sims Metal Management. We also continue to recommend two stocks that will benefit from improving conditions in the steel industry: Horsehead Holding, a leading processor of electric arc furnace dust and producer of zinc, and GrafTech International, a major supplier of graphite electrodes to electric arc furnace steelmakers worldwide."
Metalico was trading at $5.43, up $0.13, or 2.45 percent as of 11:57 AM EST. Schnitzer Steel Industries was trading at $62.25, up $1.03, or 1.68 percent. Sims Metal was at $20.05, up $0.45, or 2.30 percent.
Horsehead Holding was trading at $12.31, up $0.12, or 0.98 percent, as of 12:00 PM EST. GTI increased to $20.46, up $0.54, or 2.71 percent.
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