Seeking Alpha

Packaging Corp moves up on Wells Fargo upgrade

  • Shares of Packaging Corp (PKG +2.6%) are up after Wells Fargo upgrades the containerboard/corrugated products producer to Outperform from Perform and raises its PT range to $66-$69 ($58-$61 previous).
  • Christopher Manuel thinks "the platform is in place to realize above industry growth in corrugated packaging" with "multiple levers to drive upside potential."
  • The analyst sees the Boise acquisition as an opportunity to drive shareholder value through cost synergies, de-leveraging, and pricing improvements over the next 2-3 years.
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