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Fly News Breaks for November 30, 2016
GRA
Nov 30, 2016 | 07:15 EDT
As previously reported, Jefferies analyst Laurence Alexander downgraded W.R. Grace to Hold from Buy, noting the potential for a sharp drop in free cash flow conversion once its net operating loss carry-forwards are exploited. Alexander also sees medium-term demand risks for gasoline and said that Grace leans heavily on buybacks and M&A for its EPS growth, which could threatens the stock's multiple. The analyst lowered his price target on Grace shares to $70 from $80.
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