Magnera price target raised to $24 from $22 at Wells Fargo

Wells Fargo raised the firm’s price target on Magnera (MAGN) to $24 from $22 and keeps an Overweight rating on the shares. The firm notes the company’s first quarterly report was a bit noisy. All-in, results confirmed the company is laser-focused on cultivating merger synergies and balance sheet deleveraging. Wells continues to see an attractive risk/reward profile for Magnera as value is unlocked through synergy realization, a recovery in key end markets, balance sheet deleveraging and benefits from greater scale as a combined entity.