J.P. Morgan Raised Rockwood Holdings PT To $47 (ROC)

J.P. Morgan raised its Rockwood Holdings ROC price target from $38 to $47 in a research report published today. In the report, J.P. Morgan states, "ROC shares have risen 20% since the beginning of the year from $39 to $47 versus a 6% lift for the market, and 10% for DD, the largest supplier in the TiO2 industry. ROC trades at an EV/EBITDA multiple of 6.5x based on our 2011 forecast relative to a peer group average of 5.0-7.3x. The company's earnings prospects seem largely reflected in the company's share price at this point." Shares of Rockwood Holdings closed Wednesday at $46.92, reflecting no change from Tuesday's market close.