Houghton Mifflin (HMHC) PT Lowered to $8 at Stifel

Stifel analyst Drew Crum lowered the price target on Houghton Mifflin (NASDAQ: HMHC) to $8.00 (from $8.50) while maintaining a Hold rating ahead of hte company's 1Q report. Crum expects Houghton Mifflin Harcourt to report results in early May. Stifel has updated a quarterly model, and for the period, and forecasts an adjusted cash EBITDA loss of $73 million (vs. $64 million loss last year), on gross billings of $157 million (-4%), with revenue at $198 million (-1%).

Stifel conducted some checks in Texas with the K-8 reading adoption, but findings are limited at this point (and hence inconclusive) ~ Crum expects to learn more over the next several weeks.

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