UPDATE: Deutsche Bank Raises Target to $13 on Wausau Paper
Deutsche Bank reiterates its Buy rating on Wausau Paper (NYSE: WPP) and increases its price target by $4 to $13 a share as the company has been restructuring its corporate structure on shareholder pressure.
Deutsche Bank says, "We had raised WPP to a Buy on Oct 11 based on prospects of corp. restructuring with Starboard's increasing shareholder pressure. The thesis has been working. Since our note, the CEO & CFO have announced their retirement, WPP sold its Timberlands & Print/Color business, and initiated closure of its Brokaw mill. There is further runway. Starboard is seeking to nominate Directors & has urged the Board to explore potential opportunities to sell its Technical Paper business/entire company. Based on a cautious S-O-P valuation, we're raising PT to $13/share."
WPP closed at $9.41 a share on Tuesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: Deutsche Bank