needs to be seen, long, long, long 22 May 2009 12:18
from the overly cautious GS
Goldman Sachs makes a big call on Cookson, ramping up its price target to 500p from 220p and adding it to its conviction buy list. Broker explains: 'In our view, Cookson continues to offer the most attractive risk/reward profile within our coverage universe and offers 170% potential upside to a mid-cycle valuation. With recent data points showing a stabilization in steel and an improvement in electronics markets (85% of Cookson's revenue combined), we believe the company is unlikely to breach its debt covenants at the end of the full year