Quad/Graphics initiated with a Buy at Rosenblatt

Rosenblatt initiated coverage of Quad/Graphics with a Buy rating and $7.50 price target. Despite a difficult extended run as a public equity, Quad/Graphics is now trading at such a low level that a “constructive value argument” is compelled by its cash generation, property value and proven ability to manage debt in the face of headwinds, the analyst tells investors in a research note.