Graphic Packaging (GPK) PT, Estimates Trimmed at Jefferies Post Q3
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Jefferies analyst Philip Ng maintained a Buy rating on Graphic Packaging Holding Company (NYSE: GPK) but cut estimates and his price target to $15.00 (from $16.00) following Q3 results.
Ng commented, "While price:cost will be a drag next year, GPK expects productivity to trend towards the high end and FCF should accelerate (up 14%), with shares trading attractively with a 10% FCF yield. We believe the sell off today is overblown, and expect GPK to step up buybacks and continue to target bolt on acquisitions in Europe to drive growth."
FY 2016 EPS goes from $0.78 to $0.74 and FY 2017 EPS goes from $0.85 to $0.78.
Shares of Graphic Packaging Holding Company closed at $12.49 yesterday.
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