J.P. Morgan raises Minerals Technologies PT To $74 (MTX)

J.P. Morgan raised its Minerals Technologies MTX price target to $74 from $66 in a research report published today. In the report, J.P. Morgan states, "The PCC business is contending with lower prices due to six contract renegotiations in North America and Europe during 2010, accounting for 10-15% of PCC sales. We believe these headwinds will be offset as new PCC capacities in the US, India, and Thailand totaling 140,000 mt annualized begin to ramp up in the second half of 2011." Shares of Minerals Technologies were at $65.25 in after hours trading at the time of posting, reflecting no change from Friday's market close.