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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