Baird believes Greif, Inc. (NYSE: GEF) is gaining credibility driven by the recent execution, as well as confirmation of the previous financial targets for the fiscal year 2017. The brokerage maintained its Neutral rating and $43 price target.
In a note to clients, the analysts said, "Following Greif's analyst meeting in New York, we continue to believe that the operations have stabilized on an aggregate basis, as highlighted by confirmation of previously outlined 2017 financial targets."
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The analysts were impressed by the consistent improvement in the focus since it comes after years of inconsistency as far as financial, and iterative changes in leadership were concerned. The brokerage pointed out the revamped structure that fully aligned with shareholders for the improved credibility.
Baird thinks the principle of the turnaround was fueled by sheer focus on servicing its customers apart from maximizing the manufacturing footprint. The analysts also felt focusing on free cash flow generation and leveraging towards incremental value creation also improved the management's credibility.
While referring the 2017 run-rate financial objectives, the brokerage thinks it changed it to more "favorable or Paper and Flexibles less so" and that the associated momentum through the following year, i.e. 2018, is also positive mainly because of focus on the internal improvement.
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