Ahead of the Bell: GrafTech upgraded on price hike

By Associated Press
September 5, 2008 | Comments (0)

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Shares of GrafTech International Ltd. could see increased activity Friday after an analyst upgraded the shares of the graphite products maker on signs it is pushing through "the single largest annual (price) increase the company has realized."

Jefferies analyst Robert Schenosky in a note said talks with executives at steel mills, which buy graphite electrodes from GrafTech, convinced him that the price increases those steel mills will face next year will be substantial.

"We believe that the electrode industry is finally taking advantage of their oligopoly status, supply/demand balance, as well as, higher global steel production (benefiting demand)," Schenosky wrote.

The analyst raised his 2009 earnings-per-share estimate to $3.25 from $2.10. Analysts polled by Thomson Reuters expect income of $2.37 per share.

Schenosky also lifted his share price target to $30 from $22.

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Ahead of the Bell: GrafTech upgraded on price hike

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