KeyBanc Downgrades Myers Industries (MYE) to Underweight
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KeyBanc downgraded Myers Industries (NYSE: MYE) from Sector Weight to Underweight with a price target of $13. Analyst Adam J. Josephson thinks trends could remain weak.
"MYE's shares are up 15% YTD (vs. 10% for the S&P 500) even though the consensus 2016 EBITDA estimate is down a substantial 21%. MYE has been experiencing pronounced weakness in its industrial and agricultural end markets as well as in Brazil over the past year, and it is not clear when these markets will turn around to any appreciable extent. Among these companies, MYE would likely benefit the most from any meaningful improvement in the domestic economy given that the vast majority of its sales come from the U.S. and that MYE is an industrial packager. However, there are no signs of improvement to date, and it is unclear if and when there will be," said the analyst.
Shares of Myers Industries closed at $14.95 yesterday.
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