AptarGroup downgraded to Neutral from Buy at BofA

BofA analyst George Staphos downgraded AptarGroup (ATR) to Neutral from Buy with a price target of $173, down from $191. Packaging underperformed the S&P 500 by about 22% in 2024 while Paper/Forest declined a relative 7% with weakness in volumes an ongoing theme, says the analyst, who adds that “all in, we prefer Packaging to Paper/Forest.” AptarGroup volumes and earnings could see some headwinds from China consumer weakness, pharma destocking, and forex, the analyst tells investors.