J.P. Morgan Cuts Tax Rate on Ferro Corp to 32% and Increases 2012 EPS Estimate (FOE)

In a recent report published by J.P. Morgan, has decreased the tax rate from 36% to 32% on Ferro Crop FOE and increased its 2012 EPS estimate from $1.45 to $1.50. According to this report, “Ferro lowered its operating income projections for 2011 by about $10M and leftunchanged its EPS guidance of a range $1.28-1.35. The company now expects its ongoing tax rate to be 32% compared to the 36% historical rate. Ferro cited a change in geographic mix of earnings and the completion of the restructuring program as reasons for the tax rate revision.” Ferro Corp is currently trading at $14.42.