UPDATE: Barrington Research Increases ACCO Brands' PT
According to a research report published today, Barrington Research has increased ACCO Brands Corp.'s (NYSE: ABD) PT from $12 to $15.
Barrington Research commented in the report, “ACCO Brands recently reported Q4/11 results that demonstrated the company's ability to meet its profitability targets despite a lackluster demand environment. EPS from continuing operations were $0.29 (+26% YOY), exceeding our estimate ($0.28) and the consensus ($0.27). EPS upside was driven by expansion in adjusted operating margin, which came in at 11.4% (+190 bps YOY), better than our forecast of 10.2%. Revenue was $350.7 million (-2.4% YOY), below our estimate ($375.0 million) and the consensus ($372.4 million). Revenue variation versus our estimate resulted from lower-than-expected volume in the Americas and International business segments.”
Barrington Research maintains its Outperform rating on ACCO Brands, which is currently trading at $11.54.
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Tags: Barrington Research