UPDATE: Citigroup Initiates Coverage on Graphic Packaging Holding Company with Buy Rating, $9 PT on Superior Cash Flow Growth

In a report published Friday, Citigroup analyst Anthony Pettinari initiated coverage on Graphic Packaging Holding Company GPK with a Buy rating and $9.00 price target. In the report, Pettinari noted, “We are initiating coverage on GPK with a Buy rating and a $9 target – Our positive view is based on superior cash flow growth in 2013-14, upside potential from price hikes & cost takeout, and attractive valuation. Key points: (1) Superior Cash Growth Potential in 2013-14. (2) Upside Potential From Cost & Growth Initiatives. (3) Price Hikes are a Near-Term Catalyst. (4) Attractive Valuation at a Discount to Peers.” Graphic Packaging Holding Company closed on Thursday at $7.35.