APERAM JPMorgan Raised APAM.ES to Overweight from Neutral, price target: €24.50
- Price target raised to €24.50 from €20.50
- Firm cites higher 2015E EBITDA (+15%)
- It believes the company's upside potential comes mostly from an efficient implementation of the Leadership Journey (cost savings and supply chain optimization)
- Firm increases 14E EBITDA and EPS to $454m ($394m) and 0.47 ($0.33) on higher H1'14E EBITDA from a very efficient implementation of the Leadership Journey
- Raises 15E EBITDA and EPS to $517m ($448m) and $1.20 ($0.86) on higher added value from the Leadership Journey