UPDATE: Jefferies Raises PT on Graphic Packaging Following 2Q13 Recap

In a report published Monday, Jefferies analyst Philip Ng reiterated a Buy rating on Graphic Packaging GPK, and raised the price target from $10.00 to $10.50.

In the report, Jefferies noted, “While shares have outperformed, GPK is still a fairly under the radar name and we believe the Street has overlooked the earnings leverage it has to the recent boxboard price increases. Further, with shares trading with a 13% FCF yield and on the cusp of returning cash to shareholders, we believe GPK is poised for a breakout 2014.”

Graphic Packaging closed on Friday at $8.50.