Zacks Investment Research upgraded shares of MeadWestvaco Corporation (MWV) from UNDERPERFORM to NEUTRAL on February 21, 2014, with a target price of $38.00.
MeadWestvaco reported fourth-quarter 2013 earnings of $0.29 per share, reversing the year-ago-quarter's loss of $0.05, led by growth across targeted packaging and specialty chemicals end markets, improved pricing and operational performance. These factors are expected to lead to higher earnings in the first quarter of 2014 as well. MeadWestvaco will also benefit from its cost savings programs and further share repurchases. However, its decision to exit its beauty and personal care folding carton operations in Europe and Brazil will hurt its performance in the near term. Additionally, exposure to the real estate market, higher raw material costs and challenging macroeconomic conditions will act as a deterrent. We are upgrading MeadWestvaco from Underperform to Neutral, with a target price of $38.00.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
To get a free copy of the research report on MeadWestvaco Corporation (MWV),
click here.
For more information about research offerings from Zacks Investment Research, visit
Zacks.com .
Be the first to comment