Packaging Corp. price target lowered to $260 from $267 at Truist

Truist lowered the firm’s price target on Packaging Corp. (PKG) to $260 from $267 but keeps a Buy rating on the shares ahead of its Q1 results. The firm is adjusting its model to better reflect elevated input costs, the analyst tells investors in a research note. Truist adds, however, that it continues to believe the company remains one of the best-positioned names in paper and packaging, given its leading ROIC and EBITDA margins, along with its low-cost, well-invested asset base, favorable customer and fiber mix, and low leverage.