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DB Alex. Brown Cuts Fibermark Rating

DB Alex. Brown downgraded its rating on shares of Fibermark (FMK) to market perform from buy. On Aug. 1, the company posted $0.05 Q2 EPS (pro forma) vs. $0.55 one year earlier.

Analyst Mark Wilde says the shares are cheap but conditions in the company's end markets have gotten rough. He notes volumes are down much more than he expected, off more sharply than any of the company's peers. Wilde thinks Fibermark could lose $0.30 per share in Q3, and may have a breakeven Q4. He cut his $1.15 2001 EPS estimate to $0.15 and his $2.15 forecast for 2002 to $1.60.

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