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WRK

WestRock

$41.92

0.98 (2.39%)

, KS

KapStone

$34.25

2.61 (8.25%)

12:17
10/30/18
10/30
12:17
10/30/18
12:17

Department of Justice clears WestRock acquisition of KapStone

WestRock (WRK) and KapStone Paper and Packaging (KS) announced that the U.S. Department of Justice has cleared WestRock's pending acquisition of KapStone through Whiskey Holdco. As this was the last antitrust approval required to complete the pending acquisition, WestRock and KapStone expect the pending acquisition to close on November 2, subject to customary closing conditions. As a result of the acquisition, among other things, Holdco will become the ultimate parent of WestRock, KapStone and their respective subsidiaries. Assuming the acquisition closes as expected, former KapStone stockholders will have the right to receive, with respect to each share of KapStone common stock they hold, either $35.00 in cash or, if they made and did not revoke a valid election in respect thereof by the election deadline at 5:00 p.m. New York City time on September 5, 2018, 0.4981 shares of Holdco common stock and cash in lieu of fractional shares. WestRock expects that shares of KapStone common stock will cease trading on the New York Stock Exchange prior to market open on November 5.

WRK

WestRock

$41.92

0.98 (2.39%)

KS

KapStone

$34.25

2.61 (8.25%)

  • 05

    Nov

WRK WestRock
$41.92

0.98 (2.39%)

10/23/18
BOFA
10/23/18
INITIATION
Target $52
BOFA
Buy
WestRock initiated with a Buy at BofA/Merrill
Seaport Global analyst Mark Weintraub initiated WestRock with a Buy and $52 price target telling investors shares are "too cheap." Weintraub said WestRock is gaining ground on competitors in Corrugated, and expects it to turn the corner in Consumer Packaging in 2019.
10/10/18
10/10/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Vipshop (VIPS) downgraded to Neutral from Overweight at JPMorgan with analyst Alex Yao saying as the "tough competitive environment and harder-than-expected synergy generation," Vipshop is likely to adjust its strategy to re-focus on core off-season apparel distribution and prioritize profitability over sales growth. 2. International Paper (IP) downgraded to Neutral from Buy at Goldman Sachs while WestRock (WRK) was downgraded to Buy from Conviction Buy. 3. Clorox (CLX), Church & Dwight (CHD), and Kimberly-Clark (KMB) were downgraded to Sell from Hold at Deutsche Bank. 4. Sherwin-Williams (SHW) downgraded to Neutral from Buy at Citi with analyst P.J. Juvekar saying "tough" market comments from companies like H.B. Fuller (FUL), PPG (PPG) and RPM (RPL) suggest that coatings companies are likely to be challenged by rising raw materials costs and slowing growth in key end markets, including China. 5. KKR (KKR) downgraded to Neutral from Buy at BofA/Merrill with analyst Michael Carrier citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/10/18
GSCO
10/10/18
DOWNGRADE
Target $64
GSCO
Buy
WestRock downgraded to Buy from Conviction Buy at Goldman Sachs
Goldman Sachs analyst Brian Maguire removed WestRock from his firm's Americas Conviction List while keeping a Buy rating on the shares. The analyst also lowered his price target for the stock to $64 from $73. Following 12 new U.S. containerboard capacity announcements since July 2017, the analyst now forecasts 11% growth in North American capacity from 2019-2022 against an estimate of 2% per year demand growth. U.S. containerboard supply growth will outpace demand growth during the 2020-2022 period, which increases the risk of pricing/earnings declines in that time period, Maguire tells investors in a research note. The analyst admits that he underestimated the speed and severity of the supply response in the industry to the acceleration in demand.
10/10/18
GSCO
10/10/18
DOWNGRADE
Target $53
GSCO
Neutral
International Paper downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Brian Maguire downgraded International Paper (IP) to Neutral and lowered his price target for the shares to $53 from $63. The stock closed yesterday down $2.69 to $44.64. Following 12 new U.S. containerboard capacity announcements since his upgrade of the shares on July 12, 2017, the analyst now forecasts 11% growth in North American capacity from 2019-2022 against an estimate of 2% per year demand growth. U.S. containerboard supply growth will outpace demand growth during the 2020-2022 period, which increases the risk of pricing/earnings declines in that time period, Maguire tells investors in a research note. The analyst admits that he underestimated the speed and severity of the supply response in the industry to the acceleration in demand. Maguire also lowered his price target for Buy-rated WestRock (WRK) to $64 from $73 and removed the shares from his firm's Americas Conviction List. He also dropped his price target for Neutral-rated Packaging Corp. (PKG) to $108 from $119.
KS KapStone
$34.25

2.61 (8.25%)

09/21/18
WELS
09/21/18
INITIATION
Target $63
WELS
Market Perform
WestRock initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Gabe Hajde resumed coverage of WestRock (WRK) with a Market Perform rating and $63 price target, stating that uncertainty on the pending KapStone (KS) acquisition, an upcoming heavy capital spending cycle and broader investor concern about industry capacity leave the stock's risk/reward balanced at this point. Over the longer-term, Hajde believes WestRock maintains an inherent and sustainable competitive advantage and he is bullish on its ability to capture industry-proportionate growth in the North American corrugated market.
05/29/18
SPHN
05/29/18
NO CHANGE
SPHN
Nine Dragons deal increases uncertainty in containerboard market, says Stephens
Stephens analyst Mark Connelly noted that private Canadian printing paper and pulp producer Catalyst Paper agreed to sell its Maine and Wisconsin softwood paper mills to China's Nine Dragons, which he sees increasing uncertainty in the containerboard market and likely to further reduce investor interest in the space. Among companies in the space, Connelly currently recommends only Packaging Corp. (PKG). Others in the space include International Paper (IP), KapStone (KS), Domtar (UFS) and WestRock (WRK).
02/09/18
DADA
02/09/18
DOWNGRADE
Target $35
DADA
Neutral
KapStone downgraded to Neutral at DA Davidson on WestRock acquistion
As reported earlier, DA Davidson analyst Steven Chercover downgraded KapStone (KS) to Neutral from Buy and raised his price target to $35 from $28 after the recent offer by WestRock (WRK) to acquire the company at his target price point. The analyst believes it values the company fairly and does not expect a higher offer.
02/08/18
DADA
02/08/18
DOWNGRADE
DADA
Neutral
KapStone downgraded to Neutral from Buy at DA Davidson

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Fed to continue monitoring economic developments for outlook implications »

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Fed sees 'sustained expansion of economic activity' as most likely outcome »

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FDP

Fresh Del Monte

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Breaking Hot Stocks news story on Fresh Del Monte »

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BHC

Bausch Health

$23.13

-2.04 (-8.10%)

14:00
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Options
Dip buyer in Bausch Health Companies »

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VLKAY

Volkswagen

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Periodicals
Audi plans to cut 10% of management positions, Reuters reports »

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TTD

Trade Desk

$146.31

-15.45 (-9.55%)

13:58
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On The Fly
Trade Desk slides after analyst cuts rating ahead of quarterly results »

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UA

Under Armour

$19.15

-0.23 (-1.19%)

13:55
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13:55
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13:55
Options
Under Armour put volume heavy and directionally bearish »

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PM

Philip Morris

$85.42

2 (2.40%)

13:50
02/20/19
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13:50
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13:50
Earnings
Philip Morris repeats Q1 reported diluted EPS view of $1.00, consensus $1.01 »

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PM

Philip Morris

$85.42

2 (2.40%)

13:49
02/20/19
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13:49
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13:49
Earnings
Philip Morris reaffirms FY19 reported diluted EPS guidance of at least $5.37 »

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13:45
02/20/19
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13:45
General news
Fed's Kaplan said a weaker business outlook is the reason for caution on rates »

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General news
Breaking General news story  »

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MDR

McDermott

$7.80

0.44 (5.98%)

13:40
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13:40
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13:40
Options
Bullish option play in McDermott as shares rally ahead of earnings »

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STAG

STAG Industrial

$28.24

-0.59 (-2.05%)

13:34
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STAG Industrial analyst commentary  »

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GOOG

Alphabet

$1,118.00

-0.16 (-0.01%)

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Alphabet Class A

$1,125.12

-1.31 (-0.12%)

13:28
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Periodicals
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Alphabet

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Alphabet Class A

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TCEHY

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DIS

Disney

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0.11 (0.10%)

KKR

KKR

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S&P 500

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SPDR S&P 500 ETF Trust

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0.11 (0.04%)

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Periodicals
Barr could announce end of Mueller investigation next week, CNN reports »

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OMI

Owens & Minor

$6.40

-1.54 (-19.40%)

13:24
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Periodicals
Owens & Minor working with banks to explore sale, Reuters reports »

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OMI

Owens & Minor

$6.41

-1.53 (-19.27%)

13:20
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Breaking Hot Stocks news story on Owens & Minor »

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OMI

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-1.53 (-19.27%)

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GOLD

Barrick Gold

$13.98

0.43 (3.17%)

13:17
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13:17
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Barrick Gold confirms commitment to Chile as it reviews LATAM strategy »

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OMI

Owens & Minor

$6.41

-1.53 (-19.27%)

13:17
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Periodicals
Breaking Periodicals news story on Owens & Minor »

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$NSD

NASDAQ Market Internals

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13:17
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NASDAQ market internals summary »

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FB

Facebook

$161.80

-0.49 (-0.30%)

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Alphabet

$1,114.63

-3.53 (-0.32%)

13:16
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13:16
On The Fly
#SocialStocks: YouTube updates penalty system, Twitter developing Snapchat-like camera »

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FB

Facebook

$161.80

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GOOG

Alphabet

$1,114.63

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GOOGL

Alphabet Class A

$1,121.14

-5.29 (-0.47%)

TWTR

Twitter

$31.37

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SNAP

Snap

$9.17

-0.11 (-1.19%)

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$NYE

NYSE Market Internals

$0.00

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13:16
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NYSE market internals summary »

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