Packaging Corp. price target raised to $170 from $156 at Truist

Truist raised the firm’s price target on Packaging Corp. to $170 from $156 and keeps a Buy rating on the shares. The firm is increasing its estimates and targets for all containerboard producers as it believes that the containerboard market is reaching a positive inflection point and poised for recovery due to improving demand from the end of destocking and increasingly balanced inventories. While weak demand and destocking have plagued the industry since Q2 of 2022, demand trends have recently begun to improve and the firm expects there could be “more notable demand improvement on the horizon,” the analyst tells investors.