Graphic Packaging downgraded to Hold from Buy at Truist
The Fly

Graphic Packaging downgraded to Hold from Buy at Truist

Truist downgraded Graphic Packaging (GPK) to Hold from Buy with a price target of $30, down from $32, after its Q3 earnings miss and guidance cut. The firm is turning more cautious due to a more modest volume growth, normalizing net performance benefits, and increasing competitive threats, the analyst tells investors in a research note, adding that there is also risk that European imports could accelerate as producers look to keep the market balanced given significant folding boxboard imports from Asia. Truist is also cutting its FY24 EPS view by 6c to $2.54 and its FY25 view by 20c to $2.65.

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