Gilbert Dupont cuts Mersen's rating to "reduce"

Jan 25, 2012 - Gilbert Dupont downgraded French graphite and electrical components maker Mersen (EPA:MRN) to "reduce" from "buy", cutting its share price target to EUR 29.20 from EUR 31.10 on Wednesday.
Oddo Securities also cut its rating on the company to "neutral" from "buy". The share price target was lowered to EUR 32 from EUR 36.
The notes were issued after Mersen reported a EUR 829.6 million (USD 1.077bn) consolidated revenue for 2011, up 11.9% year-on-year.
Brokers were disappointed with the slowing rise in sales in the fourth quarter, when organic growth was barely 1.3% compared to 14.1% during the first nine months of the year. Furthermore, Mersen warned that its revenue may decline moderately in early 2012.
Today, Mersen ended 8.02% lower at EUR 25.75 on Euronext Paris.
(EUR 1.0 = USD 1.297)

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