Packaging Corp. price target lowered to $126 from $135 at Wells Fargo

Wells Fargo lowered the firm’s price target on Packaging Corp. to $126 from $135 and keeps an Equal Weight rating on the shares. The firm thinks investors are inclined to avoid Packaging Corp. until gaining greater confidence that a bottom is approaching for cboard demand. In the meantime, Packaging Corp.’s solid balance sheet and strong free cash flow generation pave the way for a secure dividend and opportunistic share repo, Wells adds.