Jefferies analyst Philip Ng downgraded Packaging Corp. (PKG) to Hold from Buy with a price target of $205, down from $245. The firm still views Packaging Corp. as best in class, but sees the company’s competitive edge flattening and the stock limited by its premium valuation. Jefferies now sees more upside in shares of Smurfit Westrock (SW), a stock it upgraded this morning to Buy.
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