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Fly News Breaks for October 31, 2019
SLCA
Oct 31, 2019 | 06:04 EDT
Barclays analyst J. David Anderson downgraded U.S. Silica Holdings to Underweight from Equal Weight with a price target of $3, down from $11. The analyst says the company's ISP business, which led to him valuing the stock above its peers, is not as resilient as he thought. "The bottom fell out of our already tenuous thesis," Anderson tells investors in a post-earnings research note. The weakness in U.S. Silica's oil and gas proppant came as no surprise with little prospect for growth in 2020, but now macroeconomic headwinds have disrupted the ISP market, says the analyst.
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