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Fly News Breaks for March 26, 2018
GSM
Mar 26, 2018 | 08:08 EDT
JPMorgan analyst Michael Gambardella upgraded Ferroglobe to Overweight while lowering his price target for the shares to $13.50 from $18. The analyst reduced his estimates to reflect lower silicon metal prices but views Friday's selloff as "excessive." The stock on Friday closed down 24%, or $3.44, to $11.08 after the U.S. International Trade Commission determined that the imports of silicon metal from Australia and Brazil, Norway and Kazakhstan are not causing material injury to the U.S. silicon metal industry.
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