UPDATE: JP Morgan Upgrades Greif to Overweight

JP Morgan raises its price target on Greif

to OVerweight from Neutral on recent improvement in macro indicators. JP Morgan says, "GEF is ~80% exposed to industrial end markets, primarily chemicals, with ~50% exposure in Europe, currently a tough combination. However, chemicals operating rates in W. Europe are improving (see page 3) against a backdrop of low expectations; and, the company has turned more optimistic on order rates. ...GEF has shown poor FCF generation in the past two years, below its dividend payment, largely a function of weak working capital management and a focus on acquisitions. However, integration is now the focus, which already has led to better FCF generation in 1Q." GEF closed at $49.09 a share on Friday.