Magnera price target lowered to $14 from $16 at Wells Fargo

Wells Fargo lowered the firm’s price target on Magnera (MAGN) to $14 from $16 and keeps an Equal Weight rating on the shares. The firm notes that while calendar Q2 started with high uncertainty for the Packaging & Containers industry, results tracked largely in line with expectations, with FX a boost to those exposed. Beverage cans are likely strongest performers, while “value seeking behavior” a key headwind, Wells adds.