KeyBanc Upgrades OM Group (OMG) to Buy; Batteries Charged for 2012

KeyBanc upgraded OM Group (NYSE: OMG) from Hold to Buy with a price target of $30.00.

KeyBanc analyst says, "After this recent sharp sell-off we now believe that the risk-reward has turned in OMG’s favor with upside from roughly $21 per share being driven by: 1) Solid overall operating results and cash flow being reported over the next couple of quarters; 2) Positive reception of the incoming CFO by the investment community; 3) Stabilizing cobalt prices; and 4) Valuation. In addition, with the completion of the Vacuumschmelze (VAC) acquisition, we anticipate that the Company will start to communicate with investors the earnings potential and opportunities that it now has with its current portfolio of businesses."

KeyBanc raises 2011E: $3.95 from $4.00, 2012E: $3.25 from $3.45, and 2013E: $3.65 from $3.70.

For an analyst ratings summary and ratings history on OM Group click here. For more ratings news on OM Group click here.

Shares of OM Group closed at $20.75 yesterday.

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