Jefferies raised its price target on Packaging Corp. of America (NYSE: PKG) to $104.00 (from $97.00) while maintaining a Buy rating following the company's 4Q.

Analyst Philip Ng commented, "PKG is executing at a high level and due to its virgin asset base and operating efficiency, it's better insulated against cost inflation than its peers. While mgmt is investing in internal projects to support the growth in its system, the capacity should be manageable and we like the optionality in the stock from a more transformative acquisition."