Ranpak share setup ‘fantastic’ into large order, says Craig-Hallum

Craig-Hallum analyst Greg Palm found “a lot more excitement” on Ranpak’s (PACK) earnings call than the Q2 report would suggest. Management hinted at a “transformative-like” automation deal that could be announced in the coming weeks while the base business should undergo improved profitability in the back half of the year, the analyst tells investors in a research note. Hallum views the imminent multi-year $100M order for automation equipment from a large North American company as near-term catalyst for the shares. It believes Ranpak has a “fantastic setup” in the near term as a result and reiterates a Buy rating on the shares with an $8 price target