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.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on GPK:
- Graphic Packaging comments on Vision 2030 model, capital allocation priorities
- Graphic Packaging sees 2025 results in line with Vision 2030 financial model
- Graphic Packaging cuts FY24 adjusted EPS view to $2.49-$2.61 from $2.65-$2.85
- Graphic Packaging reports Q3 adjusted EPS 64c, consensus 67c
- GPK Upcoming Earnings Report: What to Expect?