Graphic Packaging price target lowered to $31 from $33 at BofA

BofA lowered the firm’s price target on Graphic Packaging to $31 from $33 and keeps a Buy rating on the shares after the company announced yesterday that severe weather conditions impacted production at two of its paperboard manufacturing facilities and that an electrical substation was damaged at another facility from natural events. While Graphic didn’t express a view, the firm said it “would be surprised if insurance didn’t cover some portion of the lost EBITDA in future periods,” adding that whatever the impact in 2024, this should be largely one-time in nature and create a “positive” for 2025 EBITDA comparisons, all else equal.