Zacks Investment Research upgraded shares of Rock-Tenn Company (RKT) from UNDERPERFORM to NEUTRAL on October 31, 2014, with a target price of $53.00.
Rock-Tenn's adjusted earnings declined around 9% year over year to 99 cents per share in the third quarter of fiscal 2014. The company provided fiscal fourth-quarter adjusted earnings guidance in the range of $1 to $1.10 per share, reflecting a year-over-year decline of 17% to 25%. For the fourth quarter, Rock-Tenn expects volumes to be down by approximately 2% to 3% year over year. The company will benefit from the Tacoma acquisition, investments, momentum in the Merchandising Displays segment and increased share repurchases. Thus, we are upgrading our recommendation on Rock-Tenn from underperform to neutral with a target price of $53.
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