GrafTech price target raised to $8 from $6 at BMO Capital

BMO Capital raised the firm’s price target on GrafTech (EAF) to $8 from $6 and keeps a Market Perform rating on the shares. The company’s Q1 EBITDA missed consensus estimates while the pricing environment remains at unsustainably low levels as GrafTech recently announced it is increasing prices on uncommitted volumes, the analyst tells investors in a research note. BMO adds, however, that it is increasing its price target on a higher assumed multiple driven by more supportive pricing commentary.