UPDATE: JP Morgan Downgrades Graphic Packaging to Neutral on Valuation

JP Morgan lowered its rating on Graphic Packaging 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.