Deutsche Bank Downgrades Glatfelter (GLT) to Hold

Deutsche Bank downgraded Glatfelter (NYSE: GLT) from Buy to Hold with a price target of $27.00 (from $31.00).

Analyst Debbie Jones said, "Management has done an impressive job of realigning GLT’s market exposure by growing its Composite Fibers and Airlaid businesses, which has more significantly shifted the company away from paper markets in secular decline. In fact, over 50% of GLT's revenues and ~65% of EBITDA generation come from outside its Specialty Papers segment. We believe the market does not fully reflect this shift. That said, we are more cautious on Glatfelter over the next 12-months given significant cash headwinds, exposure to Europe and uncertainty surrounding the Fox River litigation. We think these issues will weigh on shares of Glatfelter over the next 6-12 months. Thus, our rating is HOLD."

For an analyst ratings summary and ratings history on Glatfelter click here. For more ratings news on Glatfelter click here.

Shares of Glatfelter closed at $23.73 yesterday.

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