UPDATE: Jefferies Raises PT on Packaging Corp. of America Following 2Q13 Recap

In a report published Thursday, Jefferies analyst Philip Ng reiterated a Hold rating on Packaging Corp. of America (NYSE: PKG), and raised the price target from $48.00 to $49.00.

In the report, Jefferies noted, “We are encouraged PKG continues to see strong demand in July and has realized the full box price increase already. That said, with the stock trading at a 20%+ premium to IP and RKT, absent a price increase in 2014, we believe the stock is fairly valued.”

Packaging Corp. of America closed on Wednesday at $51.49.