TD Newcrest Downgrades Quad/Graphics (QUAD) to Hold; Downgrading on Q3 Miss, Deteriorating Outlook

TD Newcrest downgraded Quad/Graphics (NYSE: QUAD) from Buy to Hold, price target slashed from $35 to $15.

TD analyst says, "The investment thesis here is value and EBITDA growth through the realization of synergies due to the integration of World Color; however, all of the synergies appear to be being absorbed by a deteriorating fundamental situation, leaving the EBITDA outlook far below expectations even a year ago."

For an analyst ratings summary and ratings history on Quad/Graphics click here. For more ratings news on Quad/Graphics click here.

Shares of Quad/Graphics closed at $13.77 yesterday.

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