Goldman Raises Price Target on Graphic Packaging (GPK) to $6.85

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Yesterday Graphic Packaging (NYSE: GPK) announced it would repurchase $300 million worth of stock. The announcement was concurrent with an offering by current stakeholders who are selling 16.5 million shares.

The buyback is equal to 48.4 million shares based on a stock price of $6.20, noted analysts at Goldman Sachs. The bank raised its price target on Graphic Packaging to $6.85 from $6.75 to reflect the lower share count.

Goldman Sachs has a Buy rating on Graphic Packaging.

For an analyst ratings summary and ratings history on Graphic Packaging Holding Company (NYSE: GPK) click here. For more ratings news on Graphic Packaging Holding Company click here.

Shares of Graphic Packaging Holding Company closed at $6.27 yesterday, with a 52 week range of $3.99-$6.60.

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