UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Wausau Paper Corp. on Revised Estimates Following Q3 Results

In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Wausau Paper Corp. WPP, but lowered the price target from $14.00 to $13.00. In the report, Deutsche Bank noted, “We are revising our estimates following Wausau's Q3 results on 10/29. Wausau is pointing to a much slower than expected EBITDA ramp-up from its $220MM tissue capital program. Wausau trimmed its Q4 EBITDA guidance to $13-15MM (margin = 14-16%) from prior guidance of 16-18% (DBe currently @ 16.8% margin). The more disappointing news is a big reduction in 2014 EBITDA – from $100-108MM to $65-70MM (17-19%) with a FY14Q4 run-rate of $20-24MM. Based on lower estimates, we are trimming our PT from $14 to $13. Maintain Hold.” Wausau Paper Corp. closed on Friday at $11.59.