UPDATE: WestRock LLC (WRK) PT Raised to $40 at KeyBanc as RISI Signals More Price Increases

April 5, 2021 5:24 AM EDT
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Price: $52.80 -1.68%

Rating Summary:
    13 Buy, 7 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 10 | New: 16
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(Updated - April 6, 2021 6:43 AM EDT)

KeyBanc analyst Adam Josephson raised the price target on WestRock LLC (NYSE: WRK) to $40.00 (from $35.00) while maintaining a Underweight rating noting that Fastmarkets RISI data showed U.S. old corrugated container (OCC) prices were up $8/ton in March, $5/ton in the Southeast and $10/ton in all other regions.

This continues a recent rally attributed to continued good demand and still suboptimal generation. The analyst stated "While prices are barely above the historical average (not surprisingly, considering that containerboard industry operating rates have been below average over the past year and that China banned recovered fiber imports), they're up a substantial ~35% YTD. We think the story of most 1Q earnings reports in the paper sector (excluding uncoated freesheet) will be robust demand and equally robust cost inflation; the adverse impacts from the severe winter storm in February and ransomware attack on WestRock (WRK) will also feature prominently."

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