Courtesy of Benzinga.
Argus upgraded shares of Harsco Corporation (NYSE: HSC) from Hold to Buy, with a price target of $21. The price target represents roughly 18 percent upside from the stock’s closing of $17.85 on Thursday.
Analysts David Coleman stated that the industrial services and engineered products company’s cost-cutting initiatives, good returns on prior investments and improving end-market demand led to above-consensus results in the first half of 2017. Coleman noted that management expects this trend to continue, with industrial and metals segment expected to have a strong second half.
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Argus also believes the dollar depreciation through 2017 and into 2018 will be a significant tailwind for the company. Accordingly, the firm feels a Buy rating is now warranted despite the risks of investing in a commodities sensitive company.
Citing the stronger-than-expected second quarter results released in early August and the improved second-half outlook, Argus raised its 2018 earnings per share estimate from 67 cents to 74 cents.
“Although the shares are trading at the high end of its 52-week range of $8.52-$17.90, we believe they have more room to run,” Argus said.
Latest Ratings for HSC
Date | Firm | Action | From | To |
---|---|---|---|---|
Sep 2017 | Argus Research | Upgrades | Buy | |
Nov 2016 | KeyBanc | Maintains | Overweight | |
Oct 2016 | Jefferies | Maintains | Buy |
View More Analyst Ratings for HSC
View the Latest Analyst Ratings
Posted-In: Argus David ColemanAnalyst Color Upgrades Analyst Ratings