.png "Packaging Corp (NYSE: PKG)")
KeyBanc analyst Adam Josephson maintained a Hold rating on Packaging Corp (PKG) today. The company’s shares opened today at $98.
Josephson wrote:
“We are leaving our recently-reduced 2019 and 2020 estimates unchanged post-earnings, and remain Sector Weight given our concerns about global containerboard market conditions (prices are falling in all major markets). As just stated, we are maintaining our 2019 adj. EPS estimate of $8.19 (consensus is $8.27) and 2020 estimate of $8.25 (consensus is $8.03) following the slight 1Q beat and 2Q guide-below. In terms of PKG’s box demand trends, its 1Q shipments were up 0.7% (the industry was down 0.5%, by comparison) and its shipments in the 15 days of April were up a fairly similar 0.5%. The Company made the point that it’s not just U.S. containerboard exports that are affected by economic weakness in other markets; U.S. box shipments are affected as well, as many of its customers are global companies.”
According to TipRanks.com, Josephson is a 4-star analyst with an average return of 8.2% and a 67.1% success rate. Josephson covers the Consumer Goods sector, focusing on stocks such as International Paper Co, Avery Dennison Corp, and Graphic Packaging.
Currently, the analyst consensus on Packaging Corp is a Hold with an average price target of $99.33, representing a 1.4% upside. In a report issued on April 16, Merrill Lynch also downgraded the stock to Hold with a $107 price target.
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The company has a one-year high of $124.70 and a one-year low of $77.90. Currently, Packaging Corp has an average volume of 926.9K.
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Packaging Corp. of America engages in the production of container products. It operates through the following segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers a variety of corrugated packaging products, such as conventional shipping containers.
