Deutche Bank Downgrades P H Glatfelter And Silgan Holdings

Deutsche Bank downgraded P H Glatfelter Co GLT and Silgan Holdings Inc. SLGN from Buy to Hold Wednesday.

Analysts led by Debbie Jones commented that with Glatfelter's “FX headwinds intensifying, we are reducing our FY15 EPS from $2.10 to $2.05/share and Q4’14 EPS from $0.57 to $0.54/share.

Jones introduced “estimates for FY16 and FY17 with EPS at $2.50 and $2.80, respectively. Due to the significant litigation risk GLT now carries (which we don’t see being resolved in the near future).”

Jones reduced the price target on GLT from $31 to $27 and believed that the dynamics may improve in the next 2 to 3 years.

P H Glatfelter Co recently traded at $23.11, down 2.61 percent.

For Silgan, Jones assumed “just 4 percent EPS growth in 2015, which assumes modest volume growth and limited benefit from capital allocation.”

Jones also updated the firm’s estimates “to better represent recent fluctuations in currencies. As a result, our fiscal year 2015 EPS estimate goes to $3.30 from $3.35/share. We are introducing our 2016 and 2017 EPS estimates of $3.50 and $3.70/share, respectively.”

Silgan Holdings Inc. recently traded at $51.64, down 1.05 percent.