Ranpak Holdings downgraded to Neutral from Outperform at Baird

Baird analyst Gransham Panjabi downgraded Ranpak Holdings to Neutral from Outperform with an unchanged price target of $10. Ranpak is in an “encouraging phase” of balancing growth with operational efficiency and free cash flow generation, the analyst tells investors in a research note. However, the downgrade reflects Baird’s current preference towards “defensive names with a self-improvement overlay.”