PolyOne (POL) PT Lowered to $30 at Baird Following 1Q Miss

Baird analyst Ben Kallo lowered the price target on PolyOne (NYSE: POL) to $30.00 (from $32.00) while maintaining a Neutral rating following the company's 1Q. Results missed consensus estimates and Q2 guidance was weaker than expected as adverse macro conditions adversely impacted results.

Revenue was $900M vs. consensus estimates of $918M. Gross margin was 21.8% vs. 21.9%, and non-GAAP EPS was $0.64 vs. $0.65. While headwinds may be temporary, management is looking to manage costs in the short term while maintaining its ability to grow over the long run.

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