Compass Minerals rises after J.P. Morgan upgrades rating

Compass Minerals International

20/11/2023 17:23

** Shares of salt producer Compass Minerals International
 CMP.N  rise 6.3% after J.P.Morgan upgrades the company's rating
to "neutral" from "underweight" 
    ** Stock rises to $25.16 following its slump to lowest level
since 2006 on Friday 
    ** Risks and rewards are more balanced at the current share
price and recent transactions have been in excess of CMP's
market valuation - JPM
        ** JPM, however, cuts PT to $24 from $36; new PT
represents 4.6% downside to current price
    ** Brokerage says CMP has made good progress at core salt
operation - EBITDA for segment increased 27% to $231 mln in FY23
- brokerage 
    ** It adds co's Q3 sale price increasd by 11% to counter 10%
decrease in volumes
    ** Brokerage expects FY24 adj. EBITDA of $230 mln vs $201
mln in FY23
    ** Out of seven analysts tracking CMP, four rate "buy" or
higher, and three rate "hold" -LSEG data
    ** Stock is down ~39% YTD

 (Reporting by Pranav Kashyap in Bengaluru)
 ((pranav.kashyap@thomsonreuters.com))