Sylvamo price target raised to $55 from $50 at BofA

BofA raised the firm’s price target on Sylvamo (SLVM) to $55 from $50 and keeps a Buy 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. (PKG) reported plans for containerboard price increases for early 2024 this week.