Jefferies Raises Price Target on WestRock (WRK) to $53; Reiterates Buy
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Jefferies reiterated a Buy rating on WestRock LLC (NYSE: WRK), and raised the price target to $53.00 (from $50.00), following the company's 3Q earnings report.
Analyst Philip Ng commented, "With WRK delivering at the top end of its synergy target, coupled with a $90 - 95 mil tailwind from lower capex and pension in 2017, FCF should remain strong (9% yield) despite the headwinds it's facing. With the stock lagging IP and PKG, and trading with a higher FCF yield and compelling dividend, WRK offers great absolute and relative value, and it's poised to outperform now that sentiment in containerboard has improved."
Shares of WestRock LLC closed at $43.72 yesterday.
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