Jefferies Lowering Earnings Estimates On Ashland

Jefferies & Co. is lowering its earnings estimates on shares of Ashland ASH. It has a Buy rating and a $79 price target on shares. In a note to clients, Jefferies writes, "Ashland has clarified some issues affecting Q3 results as well as its comments on the recently announced ISP acquisition. We estimate flooding and pension will be an approximate $0.08-$0.09/share sequential headwind, but these factors should be largely offset by pricing and raw material relief for Aqualon. We are lowering 2011E $0.05 to $3.40." Shares of ASH lost 91 cents yesterday to close at $61.80, a loss of 1.45%.