Cantor starts Ranpak with Overweight on improving demand

As previously reported, Cantor Fitzgerald analyst Troy Jensen initiated coverage of Ranpak Holdings (PACK) with an Overweight rating and $11.50 price target The stock in late morning trading is down 12c to $7.15. Ranpak is a leading provider of environmentally sustainable, systems-based, product protection and end-of-line automation solutions for e-commerce and industrial supply chains, the analyst tells investors in a research note. The firm says its Overweight rating is based on an improving demand environment in e-commerce, the secular shift from plastic to paper, and increasing demand for automation and machine vision. Cantor believes Ranpak has opportunities for expansion into cold chain solutions, the buildout into retail channel and consumables, and further geographical expansion.