Deutsche Bank Reinstates Hold On Rockwood, $79 PT
In a research report released today to investors, Deutsche Bank analyst David Begleiter reinstated a Hold rating on Rockwood (NYSE:ROC) with a $79 price target.
Begleiter commented: “Following over a 1 year restriction stemming from the sale of Rockwood’s TiO2 and Performance Additives business to Huntsman for $1.275B, including the assumption of $225MM of pension obligations , we are reinstating coverage of Rockwood with a Hold rating and a price target of $79, upside of 5%. While we view Rockwood’s core Lithium and Surface Treatment businesses as best-in-breed specialty chemical assets with Lithium particularly well positioned to grow owing to increasing demand from electric vehicles, with just 5% upside to Albemarle’s proposed acquisition price of $79, and the transaction, in our view, likely to close, we reinstate coverage of Rockwood with a Hold rating.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst David Begleiter has a total average return of 8.0% and a 67.9% success rate. Begleiter has an 12.6% average return when recommending ROC, and is ranked #496 out of 3315 analysts.