Ferroglobe price target lowered to $7 from $8 at Seaport Research

Seaport Research lowered the firm’s price target on Ferroglobe to $7 from $8 and keeps a Buy rating on the shares. The company reported Q2 results, with EBITDA beating consensus, the analyst tells investors. Further, management lifted the low end of its guidance for FY24 EBITDA, the firm adds. Considering where the company is likely to exit 2024, the firm moderated its EBTIDA 2025 estimate on conservative price assumptions and reduced its price target.