TD Securities Upgrades Resolute Forest Products (RFP) to Hold; No So Disappointed Anymore...After Really Strong Q2

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TD Securities upgraded Resolute Forest Products (NYSE: RFP) from Reduce to Hold with a price target of $11.50 (from $10.00).

Analyst, Sean Steuart, said, "Yesterday’s strong share price rally was likely exacerbated by short-covering, but we believe that it was justified by the impressive results. Based on management comments, we do not believe that the Q2 progress on cost reduction was an aberration. In hindsight, we read too much into disappointing Q1/12 results and underestimated the impact of company-wide cost reduction initiatives that have been implemented since the company’s emergence from creditor protection proceedings a year-and-a-half ago."

FY12 EPS estimate raised from $0.43 to $0.84 and FY13 from $0.32 to $0.51.

For an analyst ratings summary and ratings history on Resolute Forest Products click here. For more ratings news on Resolute Forest Products click here.

Shares of Resolute Forest Products closed at $10.67 yesterday, with a 52 week range of $9.02-$12.88.

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