Jefferies upgrades Packaging Corp of America to 'buy', raises PT

Packaging of America

18/12/2024 11:35

** Packaging Corp of America's  PKG.N  shares of up 1.7% at
$236.25 in light premarket trading
    ** Brokerage Jefferies upgrades the stock to "buy" from
"hold"; raises price target to $280 from $215
    ** New PT represents 18% upside to stock's last close
    ** Jefferies expects PKG to benefit from share gains as
firms like International Paper  IP.N  and Smurfit Westrock
 SWR.L  prioritize value over volume and reduce capacity
    ** "As the only U.S. pure play, consistent share winner, and
improving industry structure, we expect PKG to outperform & its
multiple to expand," brokerage adds
        ** Six of 10 brokerages rate the stock "buy" or "higher"
and four "hold"; with a median PT of $252 - LSEG data
    ** Up to last close, shares up ~42% YTD
   

 (Reporting by Rupali Chaudhary in Bengaluru)
 ((Rupali.Chaudhary@thomsonreuters.com))