KeyBanc analyst Adam Josephson maintained a Sell rating on Greif Inc (GEF) today and set a price target of $28. The company’s shares opened today at $33.69, close to its 52-week low of $30.12.
Josephson noted:
“We remain at the low end of guidance. GEF’s largest business, Rigid Industrial Packaging (the majority of which is steel drums), is highly economically sensitive and has significant exposure to the global chemicals industry, which is experiencing profoundly weak demand trends. In 2Q, BASF negatively pre-announced on significantly weaker-than-expected industrial production; Eastman Chemical cut its 2019 adj. EPS guidance (from 6-10% growth to an implied 5% decline) and said that it no longer expects macroeconomic conditions to improve in 2H19; and Linde noted that its growth had slowed since the end of 2Q (was “at best flat”) compared to up ~2% in 2Q, with the Company calling out weakness across the Eurozone and a slowdown in China the rest of Asia.”
According to TipRanks.com, Josephson is a 4-star analyst with an average return of 9.3% and a 68.7% success rate. Josephson covers the Consumer Goods sector, focusing on stocks such as International Paper Co, Avery Dennison Corp, and Graphic Packaging.
The word on The Street in general, suggests a Moderate Sell analyst consensus rating for Greif Inc with a $34.60 average price target.
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Greif Inc’s market cap is currently $1.98B and has a P/E ratio of 13.04. The company has a Price to Book ratio of 1.82.
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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.
