For this stock, I am following Morgan Stanley
I am keeping adding shorts since the result
So far so good
long way to go, TP=$11.32
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Morgan Stanley
10/05/2016
Underweight
TP=$11.32
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The company's decision to step away from FY16 earnings growth guidance and materially cut its dividend signals to Morgan Stanley it is facing growing structural headwinds.
In order to prosper, the broker envisages the company needs to have ammonium nitrate volumes grow, as it cannot cut costs fast enough to offset lower volumes.
Morgan Stanley continues to expect material downside for the stock. Target is $11.32. Underweight rating and Cautious industry view are retained.
ORI Price at posting:
$13.19 Sentiment: Sell Disclosure: Held
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