Raymond James analyst Matt Roberts double downgraded Graphic Packaging to Market Perform from Strong Buy without a price target. The analyst expects the company’s share price performance and valuation to remain constrained amid 2024 price-cost pressures. Graphic’s previously provided preliminary 2024 outlook indicates margin pressure from a price headwind in 2024, and commodity cost increases amid paperboard price declines pose risk to 2024 margins, the analyst tells investors in a research note. The firm expects the shares to remain range bound in the near term “should history rhyme.”
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