Imperial Capital Upgrades Cenveo (CVO) to Outperform
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Price: $2.22 -0.45%
Rating Summary:
2 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
2 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade CVO Now!
Imperial Capital upgraded Cenveo (NYSE: CVO) from In-Line to Outperform with a price target of $4.00 (from $2.75).
The firm comments, "Based on a combined $125mn of cash interest and capital outlays, we believe Cenveo should generate strong "simple" free cash flow of $95mn in 2013E. More importantly, overall free cash flow on a year-over-year (yoy) basis should benefit by a material $40mn, reflecting the absence of costly liability management exercises and a $17mn reduction in combined pension and restructuring outflows. A stronger and "cleaner" 2013E free cash flow dynamic should benefit the bonds and particularly the equity, as even after a strong 40% rally since 11/15/12, it still accounts for only 12% of its pro forma enterprise value."
For an analyst ratings summary and ratings history on Cenveo click here. For more ratings news on Cenveo click here.
Shares of Cenveo closed at $2.66 yesterday, with a 52 week range of $1.46-$5.25.
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The firm comments, "Based on a combined $125mn of cash interest and capital outlays, we believe Cenveo should generate strong "simple" free cash flow of $95mn in 2013E. More importantly, overall free cash flow on a year-over-year (yoy) basis should benefit by a material $40mn, reflecting the absence of costly liability management exercises and a $17mn reduction in combined pension and restructuring outflows. A stronger and "cleaner" 2013E free cash flow dynamic should benefit the bonds and particularly the equity, as even after a strong 40% rally since 11/15/12, it still accounts for only 12% of its pro forma enterprise value."
For an analyst ratings summary and ratings history on Cenveo click here. For more ratings news on Cenveo click here.
Shares of Cenveo closed at $2.66 yesterday, with a 52 week range of $1.46-$5.25.
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