DA Davidson Starts Buckeye Technologies (BKI) at Buy; Poised to Establish New Sales and Profit Records

DA Davidson initiates coverage on Buckeye Technologies (NYSE: BKI) with a Buy. PT $37.

DA analyst says, "Operating in highly developed niche markets with large barriers to entry...Diversified product mix...Compelling growth story...Fiscal 2011 earnings are on track to more than double. The uptick in results is attributable not only to the global economic recovery, but to surging prices for specialty cellulose products being driven by rising commodity prices, in particular wood pulp and crop shortages on the cotton side...We believe Buckeye is now in the midst of a positive cycle of rising profits, declining debt and increased exposure, as pulp & paper products and, in particular, specialty cellulose enjoy long awaited exposure on the global commodity stage."

For more ratings news on Buckeye Technologies click here and for the rating history of Buckeye Technologies click here.

Shares of Buckeye Technologies closed at $26.93 yesterday.

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