Packaging Corp. price target raised to $137 from $122 at Wells Fargo

Wells Fargo raised the firm’s price target on Packaging Corp. to $137 from $122 and keeps an Equal Weight rating on the shares following a solid Q2 despite a tough backdrop. Near-term commentary was surprisingly positive with bookings improving and de-stocking seemingly nearing an end, Wells says. While Packaging Corp.’s demand trends appear to be stabilizing, cboard prices are challenged and visibility limited, which temper the firm’s expectations.