Packaging Corp. price target lowered to $138 from $145 at BofA

BofA analyst George Staphos lowered the firm’s price target on Packaging Corp. to $138 from $145 and keeps a Neutral rating on the shares. The analyst says “destocking bad news” continues to hit the packaging, paper and forest product stocks, even one year after the retail inventory reduction trend and headlines that began in Q2 of 2022. However, wood/ and timber improved with the upward move in housing, the analyst tells investors in a research note.