Packaging Corp. upgraded to Hold from Underperform at Jefferies

Jefferies upgraded Packaging Corp. to Hold from Underperform with a price target of $142, up from $105. With demand bottoming and the buy-side already anticipating further price cuts, the stock’s risk/reward is more balanced, the analyst tells investors in a research note. However, with the current supply-demand backdrop “mixed at best,” and with Packaging Corp. trading closer to peak multiples with risk of further downside to earnings, the firm remains on the sidelines. However, it recommends investors cover their shorts.