KeyBanc Downgrades Graham Packaging Company To Hold

According to KeyBanc, Graham Packaging Company (NYSE: GRM) is downgraded to Hold from Buy.

KeyBanc said that with the takeout premium from the transaction fully baked in, we see limited upside in the near term, balanced by a highly unlikely, but not impossible, risk that the transaction could be aborted, which would carry significant downside. “For investors wishing to maintain their exposure to GRM's business, we would suggest investing in shares of Silgan Holdings as we still see nice upside over the next 12 months.”

Graham Packaging Company closed yesterday at $23.00.