S&P Equity Research Downgrades Neenah Paper (NP) to Hold
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S&P Equity Research downgrades Neenah Paper (NYSE: NP) from Buy to Hold.
S&P analyst, S. Benway, says, "NP posts Q1 EPS of $0.57 vs. $0.67, below our estimate of $0.75. The company during the quarter classified as discontinued its pulp unit, which had earned $0.31 in Q1 '07. We believe NP faces a tough environment in coming quarters as pulp and other raw materials costs are expected to continue rising. We are reducing our '08 EPS estimate to $1.50 from $2.20 to reflect this cost pressure, as well as the absence of the pulp business. For '09, we look for $1.75. We also lower our 12-month target price to $23 from $31 to reflect our reduced earnings forecast."
Neenah Paper, Inc. (Neenah) is an international producer of fine papers and technical products. [SM]
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