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Fly News Breaks for October 28, 2016
BMS
Oct 28, 2016 | 07:35 EDT
As previously reported, BofA/Merrill downgraded Bemis to Neutral from Buy and lowered its price target to $54 from $58. Analyst George Staphos said Bemis reported Q3 results slightly above his estimate but with flat volumes and US packaging below estimates. Further, the company reduced its prior statement that it would recover 2016 operating variances, worth about 10c, in 2017, and now expects 50% to be recovered, and recommends moving to the sidelines until it can deliver consistent volume and operating metrics.
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