Wells Fargo analyst Gabe Hajde raised the firm’s price target on Packaging Corp. to $173 from $147 and keeps an Equal Weight rating on the shares. With a potential restock event on the horizon and industry supply much tighter, the firm came away from investor meeting with management increasingly more optimistic on Packaging Corp.’s pricing initiative. Given Packaging Corp.’s best-in-operator mindset, Wells believes the company is set to out maneuver peers in 2024.
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