Deutsche Bank Upgrades Temple-Inland (TIN) to Buy, Saying Best Positioned For A Cyclical Turnaround
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Deutsche Bank upgrades Temple-Inland (NYSE: TIN) from Hold to Buy and lifts its price target from $11 to $19. Shares of TIN closed at $14.12 yesterday, leaving 35% upside to the firm's price target.
The firm said, "With room for further margin improvement in containerboard & packaging, impressive cyclical upside in building products and significant de-leveraging potential, Temple-Inland may offer the best positioning in the sector for a cyclical turnaround."
Deutsche Bank said TIN could cover its $0.40/share cash dividend and still reduce debt by $2.50-3.00/share in 2009.
The firm also said potential upside leverage to TIN's numbers is impressive and it's not hard to argue mid-cycle EBITDA of $500-550MM.
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