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Deutsche Bank Ups Glatfelter to Buy

From Standard & Poor's Equity Research

Deutsche Bank upgraded Glatfelter (GLT) to buy from hold, noting that cyclical conditions should provide a big boost to the company's U.S. operations.

Analyst Ted Tabasso believes that the company will ultimately monetize its entire 80,000-acre land portfolio, and that proceeds could significantly exceed the $150 million to 200 million ($3.40-$4.50/share) the company suggested. He notes the company expects to realize $150 million to $200 million over the next 3 to 5 years from land sales. He says he's leaving his estimates unchanged for now. However, he believes there's upside risk to his numbers, since a potential fall hike in uncoated free sheet is not in his estimates.

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