Wells Fargo downgrades Packaging Corp. to Equal Weight, lowers target to $180

As previously reported, Wells Fargo analyst Gabe Hajde downgraded Packaging Corp. (PKG) to Equal Weight from Overweight with a price target of $180, down from $205. Following another month of the firm’s CPB being in “Cautious” territory and an expectation for lower demand to crack pricing by mid-2025, Wells has grown incrementally more negative on its cboard names. Though the firm continues to view Packaging Corp.as a best-in-breed, it expects both downward revisions to estimates and multiple pressure owing to worsening industry fundamentals.