Goldman Sachs Downgrades AptarGroup (ATR) to Sell; Expect Underperformance Over Next 12M

Goldman Sachs downgraded AptarGroup (NYSE: ATR) from Neutral to Sell with a price target of $48.00 (from $49.00).

Analyst, Alex Ovshey, said, "While ATR has a long track record of EPS growth and cost of capital returns, we believe the stock will underperform over the next 12 months given (1) we think organic volume likely turned negative in its Beauty + Home segment (66% revenues) during 2Q2012, (2) 57% of ATR’s revenues (about 44% of end-demand) is in Europe vs. peers of 25%, on average, and (3) relative valuation."

"We lower our 2012-2014 EPS estimates by 2%, on average, to $2.61, $2.97,
$3.41, respectively."

For an analyst ratings summary and ratings history on AptarGroup click here. For more ratings news on AptarGroup click here.

Shares of AptarGroup closed at $49.78 yesterday.

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