UPDATE: BMO Capital Downgrades Packaging Corp. of America (PKG) to Market Perform
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(Updated - November 15, 2016 9:29 AM EST)
BMO Capital downgraded Packaging Corp. of America (NYSE: PKG) from Outperform to Market Perform with a price target of $89 (unchanged).
Anlayst Mark Wilde said, "Our call hinges on three factors: valuation, challenges in implementing/ retaining a $50/ton containerboard hike, and the strength in the U.S. dollar. PKG is well managed with best-in-class margins. Its strong balance sheet provides financial flexibility. However, with the stock trading within 3.5% of our price target, we're moving to the sidelines. No change to our $89 price target."
Shares of Packaging Corp. of America closed at $85.97 yesterday.
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