Shares Slide After Greif Inc. Earnings Disappoint

Greif Inc. GEF released its FY10Q3 earnings this morning of $1.34/share which beat the Consensus of $1.21. The biggest gains came in paper packaging while volume continues to be solid. GEF boosts FY10 guidance by $0.05-$0.10 to $4.15-$4.35. In a report from Deutsche Bank, Q4 outlook suggests q/q increase in sales volumes, but moderation in growth trajectory. Deutsche Bank maintains a Buy rating on GEF and has a $67 price target. GEF closed yesterday at $58.07