UPDATE: Deutsche Bank Downgrades Wausau Paper Corp. on Negative Outlook

In a report published Tuesday, Deutsche Bank analyst Mark Wilde downgraded the rating on Wausau Paper Corp. WPP from Buy to Hold, but reiterated the $14.00 price target. In the report, Deutsche Bank noted, “Wausau's adj. Q3 met our est of $(0.02). However, the real ‘news' is that FY13Q4 & FY14 EBITDA targets fell short of our existing est's & WPP's prior guidance. Moreover, FY14 guidance suggests a weak H1 followed by stronger performance in H2. Finally, commentary notes ‘modified sequencing' of its new premium products into the mkt and Q3 #'s suggest that 7.4% vol growth was driven as much by lower margin ‘support' products as the firm's new premium offerings. All in all, it is a deflating earnings release. Following a decade of over-promising & under-delivering and coupled with recent strength in the stock, we're cutting our rating from Buy to Hold.” Wausau Paper Corp. closed on Monday at $13.64.