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FOE

Ferro

09:23
10/17/16
10/17
09:23
10/17/16
09:23

Ferro to acquire Capelle Pigments, certain assets of Delta Performance Products

Ferro Corporation announced entering into an agreement to acquire Cappelle Pigments NV and the acquisition of certain assets of Delta Performance Products, for aggregate consideration of approximately $60M. Sales for the two businesses in 2016 are estimated to be approximately $76M in the aggregate and adjusted EBITDA in 2016 is expected to be approximately $11M. Based on estimated 2016 adjusted EBITDA, excluding expected synergies, the purchase price of the two businesses represents a combined transaction multiple of approximately 5.6X. Peter Thomas, Chairman, President and CEO of Ferro Corporation, said, "These acquisitions are great additions to our growing Pigments business. Both fit extremely well into the strategy for our color solutions businesses, and we are excited about the opportunities these assets present to enhance shareholder value. Over the next 12 to 24 months, between the two businesses, we expect to realize commercial and operating synergies of $3M-$4M."

FOE Ferro

01/13/16
01/13/16
UPGRADE

On The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: ACE Limited (ACE) upgraded to Outperform from Market Perform at Wells Fargo... BHP Billiton (BHP) upgraded to Overweight from Equal Weight at Morgan Stanley... Black Knight Financial (BKFS) upgraded to Buy from Neutral at BofA/Merrill... Brookfield Infrastructure (BIP) upgraded to Strong Buy at Raymond James... CME Group (CME) upgraded to Overweight from Neutral at JPMorgan... Canadian National (CNI) upgraded to Buy from Hold at Canaccord... Cheniere Energy (LNG) upgraded to Buy from Neutral at Citi... Cornerstone OnDemand (CSOD) upgraded to Outperform at FBR Capital... DTE Energy (DTE) upgraded to Overweight from Equal Weight at Barclays... E.ON AG (EONGY) upgraded to Buy from Neutral at UBS... Eldorado Gold (EGO) upgraded to Buy from Hold at Canaccord... Escalade (ESCA) upgraded to Buy from Hold at Wunderlich... Ferro (FOE) upgraded to Buy from Accumulate at Seaport Global... Five Below (FIVE) upgraded on traffic trends, macro tailwinds at Stifel... L'Oreal (LRLCY) upgraded to Outperform from Neutral at Credit Suisse... Marsh & McLennan (MMC) upgraded to Outperform from Market Perform at Keefe Bruyette... Mercer (MERC) upgraded to Buy from Neutral at Sidoti... Meritage Homes (MTH) upgraded to Overweight from Neutral at JPMorgan... Microsoft (MSFT) upgraded to Overweight from Equal Weight at Morgan Stanley... Middleby (MIDD) upgraded to Outperform from Neutral at Macquarie... Mirati Therapeutics (MRTX) upgraded to Buy from Neutral at Citi... Morgan Stanley sees Microsoft (MSFT) set up for earnings growth, ups to buy... Praxair (PX) upgraded to Accumulate from Neutral at Seaport Global... PrivateBancorp (PVTB) upgraded to Outperform from Sector Perform at RBC Capital... PulteGroup (PHM) upgraded to Overweight from Neutral at JPMorgan... Quaker Chemical (KWR) upgraded to Accumulate from Neutral at Seaport Global... Qualcomm (QCOM) upgraded to Positive at Susquehanna... Sallie Mae (SLM) upgraded to Buy from Neutral at Goldman... Swedbank (SWDBY) upgraded to Neutral from Underperform at Credit Suisse... Synchrony (SYF) upgraded to Conviction Buy from Buy at Goldman... TD Ameritrade (AMTD) upgraded to Buy named a top pick at BofA/Merrill... Torchmark (TMK) upgraded to Outperform from Market Perform at Wells Fargo... Tyco (TYC) upgraded to Neutral from Sell at UBS... U.S. Silica (SLCA) upgraded to Buy from Neutral at SunTrust... Verastem (VSTM) upgraded to Speculative Buy from Hold at Cantor... WCI Communities (WCIC) upgraded to Neutral from Underweight at JPMorgan.
01/13/16
GHSC
01/13/16
UPGRADE
Target $14
GHSC
Buy
Ferro upgraded to Buy from Accumulate at Seaport Global
Seaport Global analyst Michael Harrison upgraded Ferro to Buy citing compelling risk/reward at current levels. Harrison believes Ferro has dramatically improved its operations and expects roughly $320M in acquisitions over the last 13 months to be an earnings tailwind as it leverages these businesses, rationalizes its manufacturing footprint, and focuses on maximizing returns. Harrison lowered his price target to $14 from $15 on Ferro shares.

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