BofA analyst George Staphos raised the firm’s price target on Packaging Corp. (PKG) to $170 from $162 and keeps a Neutral rating on the shares. The firm cites recent industry catalysts as well as its review of comparable and market multiples in raising its price targets on a quartet of names in the packaging and paper space, noting that both International Paper (IP) and Packaging Corp. reported plans for containerboard price increases for early 2024 this week.
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Read More on PKG:
- Early notable gainers among liquid option names on November 30th
- Packaging Corp. price target raised to $173 from $147 at Wells Fargo
- Packaging Corp. linerboard price hike news ‘somewhat surprising,’ says Jefferies
- Packaging Corp. planning containerboard price hike for early 2024, says BofA
- Packaging Corp. pullback ‘quite modest’ considering price cuts, says Seaport
