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Fly News Breaks for November 28, 2018
GSM
Nov 28, 2018 | 07:24 EDT
JPMorgan analyst Michael Gambardella lowered his estimates for Ferroglobe and withdrew his price target o reflect greater than expected price declines and shipments for the company, with the impact on earnings expected to persist in the near term. However, the analyst does not expect spot prices to fall much further and does not expect costs to continue to have a negative impact on the company's earnings. He maintains an Overweight rating on the stock and thinks yesterday's 62% decline "appears overdone."
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