Buckeye Technologies (NYSE:BKI) got a little higher EPS estimate from UBS (NYSE:UBS) for full year 2011, citing stronger pricing in its wood specialties unit.
UBS says, "BKI expects 3Q EPS of $0.63-0.67. We are raising our estimate to $0.68 (from $0.56), slightly above the range. Our new FY2011 estimate is $2.25 (was $1.90). The upside is driven by stronger-than-expected 17% improvement in calendar 2011 wood specialties prices. This strength should carry into 1H2012, at least...Newsflow momentum is likely to slow, but BKI should continue to generate healthy cash flow, de-lever and potentially find attractive investments."
UBS maintains a "Buy" rating on Buckeye Technologies (BKI), which closed Thursday at $26.97, gaining $1.86, or 7.41 percent. UBS raised their price target on Buckeye from $25 to $28.
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