TD Newcrest Downgrades ABITIBIBOWATER Inc. (ABH) to Hold on Lower Earnings Outlook
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Price: $11.83 --0%
Rating Summary:
3 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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TD Newcrest downgraded ABITIBIBOWATER Inc. (NYSE: ABH) from Buy to Hold. PT lowered from $31 to $25.
TD analyst says, "We are downgrading our AbitibiBowater recommendation to HOLD on the back of a lower mid and long-term earnings outlook. In the context of stalled North American newsprint market momentum, we now believe that consensus earnings estimates through 2012 are excessive. Permanent newsprint capacity closures from some of AbitibiBowater’s smaller competitors have not materialized as quickly as expected this year. Given accelerating rates of consumption declines in North America and lower offshore volumes, it is difficult to envision sustained positive price momentum resuming soon without a more proactive approach to industry supply management."
For more ratings news on ABITIBIBOWATER Inc. click here and for the rating history of ABITIBIBOWATER Inc. click here.
Shares of ABITIBIBOWATER Inc. closed at $21.90 yesterday.
TD analyst says, "We are downgrading our AbitibiBowater recommendation to HOLD on the back of a lower mid and long-term earnings outlook. In the context of stalled North American newsprint market momentum, we now believe that consensus earnings estimates through 2012 are excessive. Permanent newsprint capacity closures from some of AbitibiBowater’s smaller competitors have not materialized as quickly as expected this year. Given accelerating rates of consumption declines in North America and lower offshore volumes, it is difficult to envision sustained positive price momentum resuming soon without a more proactive approach to industry supply management."
For more ratings news on ABITIBIBOWATER Inc. click here and for the rating history of ABITIBIBOWATER Inc. click here.
Shares of ABITIBIBOWATER Inc. closed at $21.90 yesterday.
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