Wells Fargo raised the firm’s price target on Graphic Packaging to $21 from $20 and keeps an Underweight rating on the shares. The firm notes Graphic Packaging continues to execute and provides a de-risked long-term narrative with the Augusta sale. That said, near-term boxboard fundamentals remain challenged with concerns of widening spreads between U.S. and international prices, along with stretched consumer budget, Wells says.
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