Citi Initiates Coverage on Verso Paper Corp. (VRS) with a Buy
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Citi initiates coverage on Verso Paper Corp. (NYSE: VRS) with a Buy. Price target $17
Citi analyst says, "We base our rating on the stock’s attractive valuation, the company’s potential to deleverage its balance sheet and its attractive competitive position within the global coated papers market...Finally, we note that Verso has about 100% upside to our 12-month target of $17, which would value the stock at just 10.0 and 6.0 times our 2009 and 2010 (expected cyclical peak year) EPS estimates."
Verso Paper Corp. is a indirect parent company of Verso Paper Finance Holdings LLC and Verso Paper Holdings LLC and a direct subsidiary of Verso Paper Management LP, a holding company whose subsidiaries operate in three operating segments: Coated & supercalendared (SC) papers, hardwood market pulp, and Other, consisting of specialty industrial paper.
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