Ranpak price target raised to $15 from $12 at Craig-Hallum

Craig-Hallum analyst Greg Palm raised the firm’s price target on Ranpak (PACK) to $15 from $12 and keeps a Buy rating on the shares. The firm notes Ranpak announced what it is characterizing as a transformative announcement with Amazon (AMZN). The transaction will significantly broaden this relationship and will result in many positive changes to the P&L and CF statement. Specifically, the amount of activity with Amazon will inflect higher and will now come from entirely high margin converting revenue, at least initially, which will be highly accretive to gross and EBITDA margins, Craig-Hallum adds.