Compass Minerals price target lowered to $50 from $55 at Deutsche Bank

Deutsche Bank analyst David Begleiter lowered the firm’s price target on Compass Minerals to $50 from $55 and keeps a Buy rating on the shares. The firm notes Compass’s shares fell 14.7% following its Q1 release as EBITDA missed by 17%, and 2023 EBITDA guidance was reduced by 13%. While disappointing, Deutsche believes the issues driving the earnings miss and lowered guidance are largely transitory. And with Phase I of the Great Salt Lake lithium project on track for production in 2025, the firm believes the 15% price decline is overdone.