UPDATE: BMO Capital Upgrades Glatfelter (GLT) to Outperform

July 26, 2021 4:00 AM EDT
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Price: $14.51 +1.04%

Rating Summary:
    3 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 15 | New: 24
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(Updated - July 26, 2021 4:56 AM EDT)

BMO Capital analyst Mark Wilde upgraded Glatfelter (NYSE: GLT) from Market Perform to Outperform with a price target of $17.00.

The analyst comments "We are becoming more optimistic on GLT's growth trajectory after the announcement of the Jacob Holm (JH) acquisition last Thursday. Swiss-based JH will expand the nonwovens franchise and continue GLT's transition into a leading producer of engineered materials.GLT is paying $308mm. This is ~6.8x LTM EBITDA of $45mm. However, GLT suggests EBITDA includes $10-15mm of COVID-19 related benefits. Removing this, and estimating $20mm in synergies, implies a 5.6-6.2x purchase multiple. We like the transaction and are upgrading GLT shares to Outperform from Market Perform."

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

Shares of Glatfelter closed at $14.10 yesterday.


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