Oppenheimer Maintains Perform On Schweitzer-Mauduit Int'l (SWM)

Oppenheimer is maintaining its Perform rating but lowering its EPS estimates on Schweitzer-Mauduit Int'l SWM after the company reported a weak quarter and lowered guidance. In a research note to clients, Oppenheimer notes, "Hurt by high pulp, the weak euro, start-up expenses and weak RTL sales, SWM reported disappointing 2Q10 and lowered guidance. Adjusted EPS of $0.97 was below Opco/Street estimates of $1.14/$1.13. FY EPS guidance is now >$4.25, vs. >$4.60, originally. We lower our 2010/2011 EPS estimates. Maintain Perform, but would become constructive if stock dropped back to high $30s." Shares of Schweitzer-Mauduit Int'l are being hit hard this morning, down more than 9% to $45.20.