Wells Fargo last night upgraded Smurfit Westrock (SW) to Overweight from Equal Weight with a price target of $52, up from $46. The firm says that despite ongoing Containerboard demand softness, it expects tightening capacity to backstop pricing with potential for increases in Q1 of 2026. A better supply/demand backdrop creates potential for a relative value trade in domestic containerboard, the analyst tells investors in a research note. Wells believes containerboard producers have responded to sluggish demand fundamentals by removing excess capacity. It cites a more constructive price backdrop in 2026 for the upgrade of Smurfit Westrock.
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