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Haynes cut to Street low of $26 at JP Morgan

Published 07/21/2017, 10:01 AM
© Reuters.  Haynes cut to Street low of $26 at JP Morgan
HAYN
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  • JP Morgan analyst Michael F. Gambardella cuts Haynes International (NASDAQ:HAYN) to Street low of $26.
  • Implied downside 24%.
  • Meanwhile, Longbow analyst Christopher D. Olin today reiterated his PT of $47 on the shares.
  • Implied upside 40%.
  • In a May note, JPM warned that HAYN is "not out of the woods yet."
    • "There appears to still be some hiccups in the aerospace supply chain as HAYN’s transactional business has not picked up yet. The industrial gas turbine market for smaller engines is still very slow, with most of the market activity in MRO business. Chemical processing continues to be the problem child for HAYN. The company saw some higher volume alloys start to come back and higher quote activity for special projects, but HAYN’s quarterly shipments remain below 1mm lbs."
  • Now read: As Companies Rebuild Their Supply Channels, Universal Stainless & Alloy Products Is Coming Back To Life


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