1350 GMT [Dow Jones] Numis says it "continues to believe that the market is materially undervaluing" International Ferro Metals (IFL.LN). The brokerage adds a recent reduction in the ferrochrome benchmark settlement to $1.30 per pound 'could have been worse' and is "close enough to a roll-over to keep the South African producers from crying foul." Numis adds "International Ferro Metals could withstand a drop to the region of $1.20/lb for the rest of the financial year to June 2011 and still make a profit" which would represent "something close to a worst-case scenario." The brokerage maintains its buy recommendation. Shares -1.9% at 27p. (michael.haddon@dowjones.com) Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com (END) Dow Jones Newswires July 05, 2010 09:50 ET (13:50 GMT)
