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UPDATE: JP Morgan Cuts PT to $50 on Greif Following Pre-Announcement

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JP Morgan reiterated its Neutral rating on Greif (NYSE: GEF) but lowered its price target from $56 to $50.

JP Morgan noted, "This morning, GEF pre-announced that F4Q operating performance was at the high end of expectations, though F4Q and FY12 EBITDA would be ~$25mm below guidance at the mid-point due to an acceleration of restructuring charges, a one-time charge to correct accounting issues in Latin America and incremental currency and pension headwinds. We have adjusted our model for these moving pieces, as well as for our view around the pace of the macro recovery and a likely need for further restructuring actions in FY13."

Greif closed at $42.00 on Wednesday.

Latest Ratings for GEF

Jan 2017BairdUpgradesNeutralOutperform
Dec 2016BMO CapitalDowngradesMarket PerformUnderperform
Nov 2016KeyBancDowngradesHoldUnderweight

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