UPDATE: Benchmark Lowers PT on R.R. Donnelley Following Recent Investor Conference
In a report published Tuesday, Benchmark Company analyst Edward J. Atorino reiterated a Hold rating on R.R. Donnelley & Sons Co. (NASDAQ: RRD), but lowered the price target from $20.00 to $19.00.
In the report, Benchmark Company noted, “At a recent investor conference, RRD (RRD-Hold, PT from $20 to $19) management reiterated its 2013 revenue and EBITDA guidance – revenues are expected to be $10.1-10.3 billion vs. $10.2B in 2012, including unfavorable foreign exchange rate changes and pass through paper sales. Through June 2013 year to date, revenues are down 12%. Based on a projected EBITDA margin of 11.2% to 11.4%, adjusted EBITDA would be $1.13-1.17 billion. We are trimming our estimates and our price target, and while we maintain a positive long-term view of the Company, we continue to feel the stock is fairly valued with limited upside near-term as we expect little to no growth through 2014.”
R.R. Donnelley & Sons Co. closed on Monday at $16.40.
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