KeyBanc Starts Clearwater Paper (CLW) at Sector Weight
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KeyBanc initiated coverage on Clearwater Paper (NYSE: CLW) with a Sector Weight rating. Analyst Adam Josephson sees little upside.
"CLW has had difficulty generating organic EBITDA growth in recent years primarily on account of weak industry fundamentals. The absence of EBITDA growth has been partly the result of declining prices in both of CLW’s businesses. SBS prices have been under pressure partly on account of a strong U.S. dollar and capacity additions in Europe, while the tissue market has ample capacity as well (industry operating rates have been declining for the past four years). We do not expect industry conditions to improve in 2017, particularly given the recent strength in the dollar (which is not good for North American SBS producers), and therefore do not see much, if any, upside to estimates or the multiple," said the analyst.
Shares of Clearwater Paper closed at $63.45 yesterday.
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