NEW YORK (TheStreet) -- Graftech International (GTI) fell 8.48% to $11.87, down $1.10 from its previous close of $12.97, at the close of the trading day on Friday after Jefferies downgraded the stock to Hold from Buy.
The stock had a volume of 2,562,945, nearly twice its average of 1,346,920. It hit a high of $12.43 and a low of $11.83 for the day.
Jefferies also lowered its target price on the stock to $13 and cited expectations for lower needle coke prices in 2014 as one of the main reasons for the downgrade.
"Following the [approximately] 36% rise in valuations since our upgrade and incorporating a weaker pricing trajectory for GE and needle coke in 2014, we lower our rating to Hold (from Buy)," the report reads. "We continue to see LT upside given industry restructuring and gradual demand improvement, though expect 2014 will be another challenging year for mkt. trends and now see risk-reward more balanced at GTI's improved valuation."
TheStreet Ratings team rates GRAFTECH INTERNATIONAL LTD as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate GRAFTECH INTERNATIONAL LTD (GTI) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."