Imperial Capital Upgrades Cenveo (CVO) to Outperform

December 19, 2012 9:10 AM EST Send to a Friend
Get Alerts CVO Hot Sheet
Price: $3.10 +1.31%

Rating Summary:
    2 Buy, 1 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 13 | New: 28
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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.




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