Benchmark starts share gainer Quad/Graphics with a Buy

As previously reported, Benchmark initiated coverage of Quad/Graphics (QUAD) with a Buy rating and $10 price target The market values Quad/Graphics as “a structurally impaired print company,” which the firm argues is “a much too narrow frame that ignores an underlying accretive revenue mix shift” and durable free cash flow growth. While the print industry is in secular decline, the stock’s current “grossly conservative valuation ignores the fact that the company continues to grow share in this fragmented industry,” the analyst added.