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Fly News Breaks for May 31, 2019
POL
May 31, 2019 | 06:50 EDT
SunTrust analyst James Sheehan upgraded PolyOne to Buy and kept his price target at $31, saying the stock has become "fundamentally oversold" at 8.2-times his expected FY19 and 7.7-times expected FY20 EBITDA - the low end of its 3-year range for next-12-month EBITDA of 7.6- to 11.5-times. The analyst notes that his prior downgrade based on the expectations of slowing earnings has "played itself out", and sees an upside bias to PolyOne's 2019 earnings thanks to its "new business wins, cost savings, and easing raw material headwinds."
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