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Fly News Breaks for August 16, 2018
LABL
Aug 16, 2018 | 07:06 EDT
As previously reported, KeyBanc analyst Adam Josephson downgraded Multi-Color to Underweight from Sector Weight, with a $57 price target. The analyst believes the company levered up to about 5-times EBITDA for its recent acquisition of Constantia Labels, and the acquired business's performance has been consistently below Multi-Color's expectations in the first three quarters of ownership. Given the risks related to the company's recent acquisition, Josephson thinks there is potential downside to both consensus estimates and the multiple.
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