UPDATE: Bank of America Reduces PO to $56 on AptarGroup Post Negative Pre-Announcement
Bank of America reiterated its Neutral rating on AptarGroup (NYSE: ATR) and lowered its price objective on shares from $58 to $56.
Bank of America commented, "This morning ATR announced it expects 2Q12 EPS to be $0.60-0.62, down from prior guidance of $0.70-0.75. The preannounce was caused by weaker than expected sales volume in Europe (~$0.05 using the guidance midpoints), a weaker Euro relative to the US$ versus previous expectations (~$0.02), and transaction costs related to the previously announced acquisition of Stelmi Group (~$0.05)."
AptarGroup closed at $48 on Friday.
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