UPDATE: Goldman Sachs Lowers PT on Schweitzer Mauduit International from $77 to $74
Goldman Sachs reiterated a Neutral rating on Schweitzer Mauduit International (NYSE: SWM) and lowered its price target from $77 to $74.
Goldman Sachs wrote, “Schweitzer-Mauduit (SWM) reported 2Q2012 EPS of $1.64 (ex. items) vs. our $1.88 estimate and consensus of $1.83. The EPS shortfall vs. our estimate was driven by modestly weaker operating results (mostly on FX) and a higher effective tax rate. SWM lowered its 2012 EPS guidance to $7.05 (excluding $0.22 benefit from share buybacks) from $7.20 to reflect the weaker euro. SWM noted a further $0.12-0.15/share EPS headwind if exchange rates hold at July levels for the balance of 2012.”
Schweitzer Mauduit closed at $62.64 on Thursday.
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