Market Overview

UPDATE: Bank of America Raises PT on Packaging Corporation Following Merger Agreement with Boise

Related PKG
Benzinga's Top Upgrades, Downgrades For July 13, 2017
Benzinga's Top Upgrades, Downgrades For July 10, 2017

In a report published Tuesday, Bank of America analyst George L. Staphos reiterated a Buy rating on Packaging Corporation of America (NYSE: PKG), and raised the price target from $61.00 to $66.00.

In the report, Bank of America noted, “Packaging Corp. announced that it has entered into a definitive merger agreement with Boise Inc. (BZ; not covered) in which PKG will acquire BZ for $12.55/share in cash plus the assumption of $714mn in BZ debt as of June 30, 2013. Including all other long-term liabilities (about $380mn), this equates to about 8.0x EBITDA on a LTM basis, before synergies, below peer multiples.”

Packaging Corporation of America closed on Monday at $60.43.

Latest Ratings for PKG

Jul 2017Goldman SachsUpgradesSellNeutral
Jul 2017Wells FargoDowngradesOutperformMarket Perform
Jul 2017KeyBancInitiates Coverage OnSector Weight

View More Analyst Ratings for PKG
View the Latest Analyst Ratings

Posted-In: Bank of America George L. StaphosAnalyst Color Price Target Analyst Ratings


Related Articles (PKG)

View Comments and Join the Discussion!