Graphic Packaging downgraded to Underperform at Raymond James

Raymond James downgraded Graphic Packaging (GPK) to Underperform from Market Perform without a price target The firm sees “outsized risk” to consensus 2026 estimates and Graphic’s free cash flow targets. While the Graphic’s 90-day review could be a positive catalyst, any turnaround is more macro-dependent and subject to consumer packaged goods companies aggressively pushing volume, a scenario “that seems farfetched,” the analyst tells investors in a research note.