- RBC Capital analyst Arun Viswanathan downgraded GrafTech International Ltd (NYSE:EAF) to Sector Perform from Outperform and lowered the price target to $7 (an upside of 9%) from $10.
- The analyst states that the downgrade reflects cost/demand headwinds and lower average realized price for LTAs in the ~$7K range (from ~$9K).
- Viswanathan mentions that given the current macro enlivenment and HRC steel prices, he sees no need for EAF’s customers to lock in LTAs and/ or to lock in LTAs at prices significantly above current spot levels.
- The analyst expects demand to wane for electrodes and electric arc furnace steel.
- He also sees macro headwinds diminishing electrode demand and the elevated risk of a recession, especially in Europe, which should result in a cyclical downturn in construction and the need for steel.
- Price Action: EAF shares are trading lower by 5.52% at $6.41 on the last check Wednesday.
Nextleaf And NOYA Team Up To Launch Cookies ‘C’ Branded Vapes In Canada
Nextleaf Solutions Ltd. (OTCQB: OILFF) (CSE:OILS) (FSE:L0MA) has delivered custom manufactured vape cartridges to NOYA Cannabis Inc. for the Canadian launch of Cookies "C" branded vapes.
