Deutsche Bank lowers its rating on Greif GEF to Hold from Buy on near-term caution. Price target of $52 is reiterated.
Deutsche Bank says, "We're a bit cautious in the near-term. The 2 key issues are continued weakness in European demand and recent pricing pressure in Rigid Industrial Pkg. GEF is also pointing to “modest” margin drag in FY12H2 from start-up of Saudi Fiber Hub. Downgrading GEF from Buy to Hold. However, we're making no change to our $52 PT. The stock is trading near our PT and we see no reason to raise the PT. We note that GEF's cashflow is strong and dividend appears safe."
GEF closed at $49.82 a share on Thursday.
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