Raymond James Elsewhere, Raymond James’ Michael Barth lowered his target to $18.50 from $18.75 with a “market perform” rating.
“OIBDA guidance was below both our estimates and consensus on slightly higher spend (total capex + M&A), which strikes us as incrementally negative, although we note that historically MTL does tend to be conservative in their outlooks. Even still, our near-term estimates and target price are revised modestly lower, and we reiterate our Market Perform rating given what we see as much better risk-adjusted returns elsewhere in our coverage universe,” said Mr. Barth.