12 January 2009 17:51 [Source: ICIS news]
NEW YORK (ICIS news)--KeyBanc Capital Markets downgraded five US-based specialty chemical firms from “hold” to “underweight” on Monday due to deteriorating market conditions.
“We downgraded several names this morning in our specialty chemical universe that we believe have more cyclical end market exposure and/or are undergoing strategic turnaround efforts,” said KeyBanc analyst Michael Sison in a research note.
The analyst downgraded ?xml:namespace>
“These names will likely struggle in 2009, given stiff recessionary conditions, and in our minds have limited levers to offset deteriorating demand conditions,” said Sison.
“We have very low confidence underlying our fiscal 2009 outlook, considering the highly cyclical businesses from ‘old
The analyst said he expects
“We expect there could be around $0.25 of [earnings per share] downside considering very weak demand,” Sison said.
($1 = €0.74)
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