Ranpak Holdings price target raised to $9 from $6 at Craig-Hallum

Craig-Hallum analyst Greg Palm raised the firm’s price target on Ranpak Holdings to $9 from $6 and keeps a Buy rating on the shares. The company reported overall solid quarterly results, highlighted by “much improved” gross margin and solid EBITDA expansion, the analyst tells investors in a research note. The firm says the company is set to return to growth in Q3 with a more significant reacceleration in Q4. This, coupled with a more favorable input cost environment, should lead to further improvements in gross margin and continued EBITDA growth in the second half of 2023, contends Craig-Hallum.