UPDATE: KeyBanc Capital Markets Downgrades AptarGroup from Buy to Hold

KeyBanc Capital Markets downgrades AptarGroup

from a Buy to a Hold rating. KeyBanc notes, “We are lowering our rating on AptarGroup, Inc. (ATR-NYSE) from BUY to HOLD following its negative earnings pre-announcement yesterday (after which the shares were down 3.4% compared to the S&P 500 down 0.2%). Aptar pre-announced its 2Q12 EPS owing to broad-based volume weakness in Europe, the weaker Euro, and closing costs associated with its acquisition of the Stelmi Group. Aptar reduced its 2Q guidance range from $0.70-$0.75 to $0.60-$0.62; the midpoint of the range went down by about $0.12. The Stelmi acquisition accounted for approximately $0.05 of the reduction, so Aptar's initial guidance effectively went down by roughly $0.07. Of this $0.07 reduction, weaker volume in Europe accounted for approximately $0.05 and the weaker Euro accounted for approximately $0.02.” AptarGroup closed at $49.72 on Monday.