UPDATE: JP Morgan Downgrades Graphic Packaging to Neutral on Valuation
JP Morgan lowered its rating on Graphic Packaging (NYSE: GPK) from Overweight to Neutral with a reiterated price target of $6 a share.
JP Morgan noted, "We continue to like GPK's long-term story, which is based on stable end markets, dependable cost takeout, and rapid deleveraging, with optionality around shareholder friendly capital deployment in the next 6-12 months. However, we think the stock's strong YTD performance (up 35%, including >10% since 2Q release on Friday), which is a testament to management's grind-it-out mentality around cost savings in what has been a sluggish macro environment, now fairly reflects near-term growth and cost savings opportunities."
Graphic Packaging closed at $5.78 on Friday.
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