UPDATE: Credit Suisse Reiterates Outperform Rating, Raises PT on Rock-Tenn Company on End to Underperformance

In a report published Thursday, Credit Suisse analyst Lars Kjellberg reiterated an Outperform rating on

, and raised the price target from $57.50 to $59.00. In the report, Credit Suisse noted, “FQ4 marked the first quarter since the start of RKT's optimization and consolidation of the SSCC acquisition that volume performance was showing signs of closing the gap to the overall market; a process that seems to continue in October with RKT seeing daily average volumes up 2.4% (yoy). 2014 was a year of multiple challenges for RKT caused by internal production issues, investment outages, extreme weather in FQ2 and a more prolonged phase of adjusting its box footprint than we expected. Looking ahead to 2015 RKT should benefit from stable to rising prices, improving volumes (in line with market), cost improvements and the Tacoma acquisition. Expected annual synergies of $10-15m should further underpin the solid accretion from the transaction with full impact during 2016.” Rock-Tenn Company closed on Wednesday at $54.14.