UPDATE: BMO Capital Markets Upgrades Packaging Corp of America to Outperform, Raises PT on Q1/13 EPS

In a report published Wednesday, BMO Capital Markets analyst Stephen Atkinson upgraded the rating on Packaging Corp of America PKG from Market Perform to Outperform, and raised the price target from $43.00 to $50.00. In the report, Atkinson noted, “Q1/13 EPS were $0.62 compared to our forecast of $0.57 and the First Call Mean of $0.56. We estimate EBITDA at $149 million, $12 million above our forecast primarily owing to higher-than-anticipated sales volumes. Company EPS guidance for Q2/13 is $0.62, lower than the Mean of $0.70 and our forecast of $0.76. Management expects lower containerboard production (30,000 tons) and higher maintenance downtime at three of its four mills impacting EPS by an estimated $0.08.” Packaging Corp of America closed on Tuesday at $45.53.