In a report published Friday, Credit Suisse analyst John P. McNulty reiterated an Outperform rating and $17.00 price target on Ferro (NYSE: FOE).
In the report, Credit Suisse noted, “We recently had the opportunity to meet with Ferro's CEO Peter Thomas, CFO Jeff Rutherford, and Treasurer John Bingle with the biggest takeaways being: 1) the M&A opportunities are real with an announcement likely to occur before year end, and 2) mgmt. is still laser like focused on extracting the cost cuts it originally set out for. Beyond the near term catalysts stemming from the cost cuts and likely M&A announcements, longer term FOE mgmt. is extremely focused on finding other ways to leverage the business from new product commercialization as well as progress on its tax rate (which remains on the higher end of our coverage). We continue to regard FOE as our top small cap pick in the space with an investor day later this year to act as another important catalyst (likely November).”
Ferro closed on Thursday at $13.24.
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