Dougherty & Co Downgrades Libbey Inc (LBY) to Neutral

August 5, 2016 9:03 AM EDT
Get Alerts LBY Hot Sheet
Price: $16.90 +1.81%

Rating Summary:
    1 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 26 | Down: 29 | New: 38
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Dougherty & Co downgraded Libbey Inc (NYSE: LBY) from Buy to Neutral and removed its price target (prior $26.00). Analyst Jeremy Hamblin said overcapacity and structural changes to retail delay recovery.

"Our downgrade is predicated on a lack of visibility on the timeline for the company to return to sales growth and the sense that overcapacity within the industry cannot be fixed in quarters, but rather in years. Admittedly, we are several quarters late in our call to move to the sidelines but we now believe that challenges within the retail segment are more structural in nature that will take a couple of years to overcome. While we don't see a dramatic downturn on the horizon, we fear that an economic slowdown combined with the company's relatively high debt levels (3.1x EBITDA) could lead to further downside," said Hamblin.

For an analyst ratings summary and ratings history on Libbey Inc click here. For more ratings news on Libbey Inc click here.

Shares of Libbey Inc closed at $17.51 yesterday.

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