WestRock cut to Hold at Argus on weak Q1 earnings, pulled guidance

Argus analyst David Coleman downgraded WestRock to Hold from Buy. The company’s Q1 results were "weak" as sales and earnings declined y/y, and its management also withdrew its full-year earnings guidance due to "uncertain macroeconomic conditions", the analyst tells investors in a research note. At 11-times its expected FY23 earnings, WestRock shares look to be "fully valued", the firm added, though the company’s prospects remain positive from a longer-term perspective.