Myers Industries Inc. Message Board
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Keybanc upgrade
Does anyone know what Keybanc said in their upgrade? Thanks.
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On Schawb, under news for MYE it says that Keybanc recommended MYE with a rating of agressive buy. Nothing further.
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I picked up some shares today. The technicals (bollinger, stochastics) look great, the company is prime for an acquisition and has fallen > $7 in 10 days. Once the market turns back around, hopefully tomorrow, MYE will be back up to $15+.
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KeyBanc Upgrades Myers Industries (MYE) To Aggressive Buy
12-12-2007 03:05:36 PM
KeyBanc upgrades Myers Industries (NYSE: MYE) to Aggressive Buy with a $20 price target.
The firm said, "We believe MYE has a terrific collection of assets, and recent due diligence suggests that underlying business fundamentals remain solid with numerous catalysts to emerge for 2008 and beyond. Catalysts include: 1) Price increases; 2) Returns from restructuring/acquisition integration; 3) Lawn & Garden volume improvement from more normalized weather/order patterns; 4) Improving competitive landscape; 5) Resin substitution opportunities; 6) New product introductions; and 7) Tech upgrades, geographic expansion and overhead streamlining in Distribution."
http://www.streetinsider.com/Basic+Content/KeyBanc+Upgrades+Myers+Industries+%28MYE%29+To+Aggressive+Buy/3194665.html- 3 Replies to chrs_sbstn
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Here is some more detail. I do not have a link.
Valuation:
"Historically from 1999-2006, MYE traded at 7.0X on an EV/EBITDA basis, and at 15.9x earnings. Using our new and what we believe are conservative assumptions, MYE is trading at 6.9X on an EV/EBITDA basis and at 15.9x earnings on our 2007 estimates; using our 2008 estimates, the stock trades at 5.6x EBITDA and 12.1x earnings. Over the past three years, the stock has generally traded in a range of 6.5-8.0x on an EV/EBITDA basis, equating to a range of $18-$23 based on our 2008 estimates; with the stock currently trading well below that range, we believe downside from here is limited. Our $20 price target represents 7.0x our 2008 estimates."
I will post more later and try to figure out a link. -
where can I find the keybank upgrade on MYE?
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Thanks for the response. I am not, currently, a shareholder, but am heavily considering buying a few shares. The story you posted makes a convincing argument for purchase.
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