GrafTech downgraded to Underweight from Neutral at JPMorgan

JPMorgan analyst Bill Peterson downgraded GrafTech (EAF) to Underweight from Neutral without a price target The firm views fiscal 2027 as a “critical make or break point” for GrafTech given its $100B of annual free cash flow burn and “limited” liquidity runway to service its debt load. JPMorgan sees “outsized risk” to the company’s costs relative to its steel mills, which it says are already benefitting from higher steel pricing. In a “structurally oversupplied market,” the firm prefers exposure to cash-generating steel mills at this time.