Graphic Packaging price target lowered to $20 from $23 at Wells Fargo

Wells Fargo lowered the firm’s price target on Graphic Packaging (GPK) to $20 from $23 and keeps an Equal Weight rating on the shares. The firm argues that current end-market conditions remain a headwind for Graphic Packaging as struggling consumers reduce purchases and CPGs shift strategies to protect profits. Though managing this backdrop well, near-term volumes remain under pressure with visibility low.