D.A. Davidson Maintains P. H. Glatfelter Buy, $22 PT

D.A. Davidson maintained its P.H. Glatfelter GLT Buy rating and $22 price target in a research report published today. In the report, D.A. Davidson stated, "The company maintains ample liquidity ($323 million undrawn on its revolver) to pursue growth initiatives beyond those currently underway (read: bolt on acquisitions). In the quarter the company also completed a $50 million share repurchase (2.9 million shares at an average of about $17/share) which boosted quarterly earnings by another three cents year-over-year – we'd be surprised if another share repurchase wasn't authorized in the near term. With solid earnings momentum, good growth prospects and a sound balance sheet, we believe Glatfelter remains a compelling small cap growth story." Shares of P.H. Glatfelter were trading at $16.02 at the time of posting, up 2.82% from Monday's market close.