UPDATE: Bank of America Raises PT on Greif on Encouraging Signs

In a report published Monday, Bank of America reiterated its Underperform rating on Greif

, and raised its price target from $48.00 to $50.00. Bank of America noted, “Despite results being below our and Street estimates, F1Q13 provided some encouraging signs. Volume improved across most product lines (for example Rigid Industrial +4%) and geographies, and the company highlighted several opportunities to drive improvement. On the negative, the Flexible segment (which has underperformed) remains challenging. There is evidence of progress, though the pace of the Saudi hub investment has been slow given weak end market demand. Uncertainty with economic growth and European headwinds are still concerns, and GEF's working capital guidance (neutral/positive cashflow, after a slow start to F13, seems challenging). We'd note that GEF performance was best in its least strategic (Land, Paper) businesses.” Greif closed on Friday at $51.12.