Loop Capital lowered the firm’s price target on MRC Global (MRC) to $16 from $17 and keeps a Buy rating on the shares after its Q1 pre-announcement. The company forecast stronger-than-expected sales growth, with particular strength within the U.S. downstream market aided by robust turnaround activity and also supported by solid operating cash flow generation, though the firm has reduced its target price, reflecting the more risk-off environment, the analyst tells investors in a research note.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MRC:
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue