Packaging Corp. price target lowered to $128 from $131 at Citi

Citi lowered the firm’s price target on Packaging Corp. to $128 from $131 and keeps a Neutral rating on the shares. Ahead of Q2 earnings, the analyst trimmed paper and packaging group estimates by 4%, saying volume declines are more than offsetting ramping cost saves. Citi’s estimates are now 5% below consensus and it expects further sell-side revisions into earnings season. It views expectations for Q2 prints as being “very low.” Following share weakness over the past three months, it is likely most stocks are pricing in fiscal year guidance cuts, it writes.