Magnera price target lowered to $12 from $14 at Wells Fargo

Wells Fargo analyst Gabe Hajde lowered the firm’s price target on Magnera (MAGN) to $12 from $14 and keeps an Equal Weight rating on the shares. The firm notes packaging stocks have largely lagged the broader market in Q3 as sluggish volumes are a key headwind. Though most companies are executing well, Wells is not sure an inflection is imminent.