Jefferies Cuts Price Target on Bemis (BMS) to $46; Reiterates Hold

November 1, 2016 7:42 AM EDT
Get Alerts BMS Hot Sheet
Price: $49.55 -0.58%

Rating Summary:
    1 Buy, 13 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Jefferies maintained a Hold rating on Bemis (NYSE: BMS), and cut the price target to $46.00 (from $47.00), following the company's 3Q. The company saw volumes decelerate in 3Q and not the step up the way it had expected. While management seems confident demand will rebound in 4Q, with its current project pipeline and some volumes pushed from 3Q to 4Q.

Analyst Philip Ng commented, "We appreciate the new sense of urgency under the current mgmt team, but execution and the commercialization of new projects have not progressed as well as expected. While mgmt remains confident in its ability to outpace the market with the new product rollouts, it's setting a high bar in a tough demand backdrop and will be needed to deliver better volumes next quarter. We believe shares are likely to be range bound in the near term."

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

Shares of Bemis closed at $48.72 yesterday.

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