- KMG Chemicals (KMG +23.9%) rockets higher at the open after easily beating Q1 earnings expectations, and as Seaport Global Securities upgrades shares to Buy with a $26 price target.
- KMG did not change its FY 2016 EBITDA guidance of $40M-$42M, but Seaport believes the company is now positioned to exceed the range; the firm says KMG's strong North America presence in electronic chemicals means it is benefiting from growth in higher-margin semi applications, including automotive and mobility, while skirting some of the weakness related to lower PC demand.