UPDATE: JP Morgan Upgrades AptarGroup to Overweight; Selloff on Q3 Miss Overdone
JP Morgan raised its rating on AptarGroup (NYSE: ATR) from Neutral to Overweight but lowered its price target from $62 to $61.
JP Morgan commented, "ATR's stock was down ~7% on the 3Q12 earnings miss (S&P -1%) and below consensus 4Q guidance. … While we are modestly tweaking down our estimates and price target, we think the stock reaction was overdone on what amounts to $0.10 (~3%) reduction to our 2014E EPS. With shares now at only a 2% premium on 2014E, versus our ~10% premium target, we are upgrading shares to Overweight from Neutral, as we believe that the long-term franchise value of ATR remains intact despite the near-term challenges."
AptarGroup closed at $49.49 on Friday.
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