UPDATE: D.A. Davidson Upgrades Buckeye Technologies to Neutral Following Q3-13 Operating Earnings

In a report published Thursday, D.A. Davidson analyst Steven Chercover upgraded the rating on Buckeye Technologies

from Underperform to Neutral. In the report, Chercover noted, “Buckeye reported Q3-13 operating earnings of $0.53, down from $0.67 a year prior and $0.60 last quarter. GAAP earnings of $0.71 were impacted by gain on sale of land and assets related to the closure of the Delta facility (+$0.19), restructuring costs (-$0.02), and asset and goodwill impairment (+$0.02). The reported $0.53 in adjusted earnings missed our $0.59 estimate. The primary variance to our number came from the Specialty Fibers segment, which came in light of our expectations on both the top line and at the operating level.” Buckeye Technologies closed on Wednesday at $37.60.