Jefferies announced on Monday that it has upgraded Packaging Corp of America (PKG
) from “Hold” to “Buy.”
The firm also raised PKG’s price target from $49.00 to $70.00. Jefferies analyst Philip Ng also gave the company bull-case scenario target of $88. The upgrade comes after the firm announced earlier today that it has agreed to purchase all outstanding shares of Boise Inc. (BZ) for $1.995 billion. Analyst Ng believes the new acquisition will result in an attractive multiple.
Packaging Corp of America shares rallied 9.73% during Monday’s session. Year-to-date, the stock is up 39.87%.
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