KeyBanc Downgrades AptarGroup (ATR) to Hold
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KeyBanc downgrades AptarGroup (NYSE: ATR) from Buy to Hold.
The firm said, “While we continue to believe there is potential for an acceleration of revenue and earnings growth in 2009, we believe current valuation reflects our expectation for organic growth of 6-8% over the balance of 2008, leaving the risk/reward spectrum balanced. With worldwide rising gas and food prices requiring an increasing share of consumers' discretionary income, we believe domestic spending on non-essential type items will incrementally deteriorate in the near term. We believe ATR remains an attractive long-term investment, but in the interim we would recommend allocating new midcap funds toward companies trading at more attractive valuations.”
AptarGroup designs, manufactures, and sells consumer product dispensing systems for the personal care, fragrance/cosmetic, pharmaceutical, household, and food/beverage markets.
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