Credit Suisse Downgrades Multi Packaging Solutions (MPSX) to Neutral

Credit Suisse downgraded Multi Packaging Solutions (NYSE: MPSX) from Outperform to Neutral with a price target of $15.30 (from $19.00).

Analyst Lars Kjellberg commented, "Fiscal 2016 was a disappointing year for MPSX burdened by unexpected customer losses and operational issues. Performance deteriorated through the year with the weakest quarter in FQ4 with EBITDA declining 9% and margins contracting 20bps, y-o-y. Customer losses will, in part, continue to weigh on results in 2017. Operational issues have mostly but not fully been resolved. MPSX points to several unusual events burdening 2016 performance. What concerns is the number of such events and poor visibility of no-repeat in 2017"

The firm lowered fiscal 2017 and 2018 EPS estimates by 15% and 16%, respectively.

For an analyst ratings summary and ratings history on Multi Packaging Solutions click here. For more ratings news on Multi Packaging Solutions click here.

Shares of Multi Packaging Solutions closed at $14.08 yesterday.

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