UPDATE: Deutsche Bank Lowering Price Target On Greif Inc.
Deutsche Bank is out with a research report on Greif Inc. (NYSE: GEF) and is lowering its price target to $67, but is keeping its Buy rating on shares.
In a note to clients, Deutsche Bank writes, "FY11Q3 was disappointing. The key issue was a sharp drop-off in industrial pkg volumes in July. Although volumes have rebounded in August, the recovery has been mixed & visibility is limited. With nearly $200MM in YTD acquisitions, $160MM in capex and an increase in working capital, GEF will not generate FCF (including acqn's) in 2011. We are trimming our price target from $71 to $67. Maintain Buy rating."
Shares of GEF are off 5 cents to $50.07 today.
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