GrafTech upgraded to Neutral from Underweight at JPMorgan

JPMorgan upgraded GrafTech (EAF) to Neutral from Underweight without a price target after assuming coverage of the name. The shares have retreated 7% since the Q3 beat, presenting a more attractive entry point, the analyst tells investors in a research note. The firm maintains a stance that the graphite electrode market is structurally oversupplied, but now sees a more balanced risk/reward backdrop given that pricing appears to have found a floor. It also believes GrafTech management has demonstrated its ability to drive material cost downs.