Credit Suisse Upgrades Ferro and raises short term target to $6.50.
"With Ferro's move to divest solar (that was a significant drag on EPS) we believe there is less risk in the story and as such we are raising our price target to to $6.50 or roughly 5.5X our 2014 EBITDA."
Sale of Solar Paste Business: Thought the terms of the transaction were not disclosed, this is positive for 3 key reasons: 1. The business was roughly a $17MM drag on operating profit. 2. The reduction of 11MM in debt from part of the proceeds. 3. The reduction of precious metal arrangements by 12MM.
NOW AS AN FYI. This report is available at Credit Suisse web-site or E*trade, HOWEVER it is dated with tomorrow's date. Very Very Interesting given the volume and price action into the close.
Quite a good read. Oh, I am sorry Crespi (Krispy!) looks like your short is exactly that! Krispy!