UPDATE: JP Morgan Cuts PT to $50 on Greif Following Pre-Announcement
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
|Sep 2014||BMO Capital||Initiates Coverage on||Market Perform|
|Jun 2014||Bank of America||Upgrades||Underperform||Buy|
|Aug 2013||Bank of America||Maintains||Underperform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.