Jefferies raised the firm’s price target on Packaging Corp. (PKG) to $195 from $179 and keeps a Hold rating on the shares. Ahead of earnings, the firm is raising estimates for International Paper (IP) and Packaging Corp. to reflect the $40/ton realized in June, but also reflected elevated OCC prices being stickier. However, consensus Q3 estimates “look a touch high” for both International and Packaging, the analyst tells investors. The bigger focus for International will be the new CEO’s strategic vision on his commercial and operational initiatives, as well as portfolio construction, on his first earnings call, says the analyst, who keeps a Buy rating and $57 price target on International shares.
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