Piper Jaffray Maintains Neutral on Calgon Carbon

Piper Jaffray is out with its report today on Calgon Carbon CCC, maintaining Neutral. In a note to clients, Piper Jaffray writes, "We are maintaining our Neutral rating on CCC shares after attending the American Waterworks Association annual tradeshow in Washington D.C. Overall, tone at the tradeshow was subdued, particularly around municipal-level water project capex; however, operating budgets remain largely intact and new treatment regulations are providing incremental opportunities for Calgon Carbon. We remain concerned about gross margin expectations for FY12 and high Street expectations for CCC. As such, we look for a better entry point in the stock at the $14 level, which would put the valuation more in-line with peers." Jefferies maintains a $16 PT on CCC. Shares of CCC closed Wednesday at $16.54, down 1.84% from Tuesday's close.