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Thursday, November 26, 2009
Johnson Matthey Cut To Neutral At Credit Suisse
By Barbara Kollmeyer
MarketWatch Pulse
MADRID -- U.K. platinum refiner Johnson Matthey was downgraded to neutral from outperform on Thursday at Credit Suisse, which said shares are fully valued and noted a lack of short-term earnings momentum. The investment bank said legislative changes will likely drive long-term growth with increased fitment of diesel filters driving global growth. But there is a risk of delay to this, as diesel penetration in Europe decreases and is very low in emerging markets, the bank said. Heavy duty diesel is expected to see a poor year with limited uptakes of new technology in the U.S. and risk of a pullback from investment in some key process catalyst technologies, added Credit Suisse.
Copyright © 2009 MarketWatch, Inc.
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