04 October 2007 08:38 [Source: ICIS news]
MUMBAI (ICIS news)--Bank of America (BoA) on Thursday lowered its fiscal 2009 earnings estimate on RPM International due to a slow-down in non-residential construction and industrial markets, while maintaining its forecast for fiscal 2008.
The bank cut its 2009 earnings per share (EPS) estimate on the US-based coatings and sealants company to $1.88 (€1.33) from $1.90 and maintained its 2008 EPS estimate at $1.70.
"Slowing trends in non-residential construction and industrial markets will begin to impact organic growth in second half [ 2008]," the bank said.
The bank said its outlook for the next twelve months on the company was positive due to a healthy top-line and a slight cut in petrochemical raw material costs.
Risks to its call include a significant slowdown in the industrial production and construction, it said.
BoA maintained its "buy" rating and the price target at $28 per share.
Shares of the company closed down 3.05% at $23.55 on Wednesday on the New York Stock Exchange.
($1 = €0.71)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|