Subject: FW: Paul, this looks cheap here -> (BFW) Ferroglobe Raised to
Overweight on Valuation: JPMorgan [I]
From: Martin Zeman
Date: Wed, 04 Apr 2018 14:50:46 -0400
To: Stewart Oldfield ‹ >
Classification: For internal use only
Of course I somehow forgot to include you again, but you're not here anyway....
From: Martin Zeman
Sent: Wednesday, April 04, 2018 2:08 PM
To: 'Paul Barrett ) < MIMM >
Cc: Xavier Avila Joshua Shoshan
Davide-A Sferrazza
Liam Osullivan
Subject: Paul, this looks cheap here -> (BFW) Ferroglobe Raised to
Overweight on Valuation: JPMorgan
Have you ever looked at GSM? They sold off massively — see story below — and
are being upgraded to Buy on the street. I think purely on a technical
bounce, this is very cheap.
See below text from JPM upgrading the stock and also this link explaining
why it sold off so much a couple weeks ago:
https://www.fool.com/investing/2018/03/23/why-ferroglobe-plcs-stock-is-
tumbling-today.aspx
fcid:image001.jpg@OlD3CC1E.5DBOCF301
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Ferroglobe Raised to Overweight on Valuation: JPMorgan
2018-03-26 18:40:56.459 GMT
By Janet Freund
(Bloomberg) -- Ferroglobe raised to overweight from neutral
by JPMorgan analyst Michael Gambardella who cites stock's
"excessive" selloff after ITC "shocked the market" March 23 in
overturning Dept. of Commerce's silicon metal tariffs (no anti-
dumping or countervailing duties will be issued as a result).
GSM drops as much as 6.2%, adding to Friday's 24% selloff.
* Lowers ests. for 2018 and 2019 EPS to 84c and 80c from $1.16
and $1.35, respectively, to reflect expectation of lower silicon
metal prices; PT to $13.50 from $18, but believes current stock
price presents attractive entry point
* Current stock price of —$11 implies U.S. silicon metal selling
price of $0.83/lb, all else being equal, which is a level not
breached since 2006
* Gambardella adds that in second set of negative news, GSM's
largest shareholder, Grupo Villar Mir (55% interest in stock),
plans to sell 1.9m shares (Bloomberg data says Grupo owns 94.55m
shares)
* GSM has 5 buys, 0 holds, 0 sells; avg PT $21: Bloomberg data
* NOTE: March 23, Ferroglobe Defended at Stifel, Oppenheimer
After ITC Decision
To contact the reporter on this stor :
Janet Freund in New York at
To contact the editors res onsible for this story:
Arie Shapira at
Richard Richtmyer
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