Winpak: CIBC upgrades to 'outperformer', says COVID-19 impact muted

Winpak

18/09/2020 16:59

** Shares of Canada-based packaging materials manufacturer
 WPK.TO  rise 6% to C$46.67 
    ** Co among top pct gainer on S&P/TSX composite index
 .GSPTSE 
    ** Brokerage CIBC says COVID-19 has not had a major impact
on WPK and that co is forging forward on sustainability
initiatives; raises rating to 'outperformer' from 'neutral'
    ** Winpak's product portfolio's heavy end-use weighting
toward "essential" goods has been instrumental to the co's
strong performance and stability through the pandemic - CIBC 
    ** Brokerage says WPK can bolster growth using its cash
hoard and that it sees durability of co's EBITDA margins on the
high end of the industry 
    ** CIBC adds that healthcare is one area where WPK is
looking to bolster its position; Lifts PT to C$52 from C$45
    ** Stock nearly flat YTD 

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))