Jefferies Assumes Coverage Of GTI

Jefferies has assumed coverage of GrafTech International GTI with a Buy rating and a price target set at $28 from its previous $30. In the report, Jefferies writes, “We're assuming coverage on GTI with a BUY rating and $28 price target. With utilizations expected to exceed 90% for its needle coke and electrode operations by year's end, we expect pricing power to improve for the company in 2012, driving a substantial increase in earnings power YoY. Our $28 target price values the shares at 14.0x 2012E EPS, which is in line with historical long term average levels.” GTI closed yesterday at $21.58.