Ferroglobe price target lowered to $9 from $12 at Seaport Research

Seaport Research lowered the firm’s price target on Ferroglobe to $9 from $12 and keeps a Buy rating on the shares. The analyst cut estimates for Ferroglobe to account for lower prices and higher cost assumptions. The firm reduced its 2024 EBITDA forecast to $205M from $350M, assuming lower energy credits and pricing. Despite the substantial estimate reductions, the company’s cash accumulation, introduction of capital returns for shareholders, and a potential bottoming of the price cycle lead Seaport to retain its Buy recommendation on Ferroglobe, the analyst tells investors in a research note.