Deutsche Bank Downgrades Smurfit-Stone Container (SSCC) to Hold
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Deutsche Bank downgrades Smurfit-Stone Container (NASDAQ: SSCC) from Buy to Hold with a $1 price target.
The firm said, "With c'board volumes & prices under pressure and credit markets still frozen, it's become harder to argue a future for equity holders at SSCC. However, at $0.28/share, the stock is little more than an inexpensive equity option. If Smurfit is able to buy some breathing room and if the economic backdrop improves, the equity option could have significant upside. A more probable scenario is one in which a weak economy and tight credit markets force a restructuring of the firm's balance sheet."
Smurfit-Stone Container Corporation manufactures packaging products in primarily North America.
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SSCC restructuring
Bobby on Dec 23, 2008 09:14 AMExcuse me, what exactly does "restructuring" mean? You state the obvious but vaguely explain your comments. Are we talking bankruptcy or debt restructuring which everyone basically knows has to be done?