Brean Murray Reiterates Buy Rating on Calgon Carbon (CCC), But Lowers Price Target

According to, Brean Murray maintains its Buy rating on Calgon Carbon (CCC) but is lowering the price target from 24 to 20.

“Calgon Carbon reported 3Q08 results that were below our estimates. Sales in the quarter of $99.1 million were up 16.7% YoY, but slightly missed our estimate of $102.6 million. Strong sales in the Activated Carbon and Service (up 17.8% YoY) segment drove the growth. An increase of equipment sales of 26% also aided quarterly performance. EPS of $0.12 (up 20% YoY) was below our $0.16 estimate, but met consensus. We have adjusted our 2008 and 2009 estimates and are introducing 2010 estimates.”

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