KeyBanc Downgrades ACCO Brands (ACCO) to Hold

KeyBanc downgraded ACCO Brands (NYSE: ACCO) from Buy to Hold and removed its price target (prior $8).

Analyst Bradley B. Thomas said, "With the stock up 26% year to date (vs. 7% for the S&P 500) following a 15% move up on Wednesday (vs. flat for the S&P 500), we believe valuation and enthusiasm is now more appropriately set for ACCO shares. While we have moved our 2014 and 2015 EPS estimates up, most of the move has come from multiple expansion, with the P/E at 10.3x our 2015 estimate (vs. a two-year average of 7.7x and a five-year average of 9.1x). As a result, while we are encouraged by the strong results and are optimistic that ACCO can continue to execute, we believe the near-term risk/reward is more balanced."

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

Shares of ACCO Brands closed at $8.44 yesterday.

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