UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT on Kimberly-Clark Corp.
In a report published Monday, BMO Capital Markets reiterated its Market Perform rating on Kimberly-Clark Corp. (NYSE: KMB), but lowered its price target from $89.00 to $79.00.
BMO Capital Markets noted, “KMB's year of outperformance (up 15% in 2012 vs. the S&P500 increase of 13%) may be ending. RISI, a leading information provider for the forest products industry, expects global tissue capacity additions of about 5 million tonnes per year (TPY) from 2012 through 2014, an amount that represents about 16% of world consumption. In North America, 12 new machines are starting up, totaling about 650,000 TPY and accounting for about 7.5% of North American demand. Most of the North American increase is being driven by Kruger Products LP (KPLP), Canada's leading tissue company. Kruger's US strategy focuses on high-end private-label and White Cloud, Walmart's house brand, for which it is the exclusive supplier.”
Kimberly-Clark Corp. closed on Friday at $86.36.
Latest Ratings for KMB
|Dec 2014||BMO Capital||Upgrades||Market Perform||Outperform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.