Wells Fargo analyst Gabe Hajde downgraded Magnera (MAGN) to Equal Weight from Overweight with a price target of $12, down from $19. The firm says the share price reaction relating to the Iran conflict has been “disproportionate” across the packaging sector. Wells prefers companies with low leverage, high U.S concentration, and “defensive” production exposures. The analyst adjusted ratings in the group, saying the new macro conditions balance stock risk/reward profiles.
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