In a report released today, Adam Josephson from KeyBanc assigned a Sell rating to Greif Inc (NYSE: GEF). The company’s shares opened today at $61.33.
Josephson commented:
“We are raising estimates for Greif Inc. (GEF) to reflect continued declines in old corrugated container (OCC) prices and the March $50/ton containerboard price increase. As a result, we are above the high end of GEF’s FY18 guidance and expect the Company to raise, but note that: 1) GEF has missed consensus on EBITDA by a wide margin in each of the last two quarters; 2) the business is a cyclical one, and we’re firmly in the late stages of the business cycle, in our view; and 3) the shares have already run dramatically on the lower OCC prices. GEF’s shares have surged subsequent to the drubbing they took post-F1Q18 results (up 23% vs. the through yesterday), presumably largely because of excitement regarding low OCC prices.”
According to TipRanks.com, Josephson is a 3-star analyst with an average return of 6.6% and a 56.4% success rate. Josephson covers the Consumer Goods sector, focusing on stocks such as International Paper Co, Avery Dennison Corp, and Graphic Packaging.
Greif Inc has an analyst consensus of Hold, with a price target consensus of $57.33.
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Based on Greif Inc’s latest earnings release for the quarter ending January 31, the company reported a quarterly net profit of $56.5 million. In comparison, last year the company had a net profit of $36 million.
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Greif, Inc. engages in the production of industrial packaging products and services. It operates through the following segments: Rigid Industrial Packaging and Services, Paper Packaging and Services, Flexible Products and Services, and Land Management.
