By Davit Kirakosyan
Deutsche Bank downgraded Packaging Corp. of America (NYSE:PKG) to Sell from Hold and lowered its price target to $104.00 from $144.00, noting its outlook on the company is heavily dependent on containerboard supply-demand where it has concerns going forward. According to the analysts, demand is weakening at the same time that capacity is increasing. As a result, they expect containerboard prices to fall in the near term and throughout 2023.
Wedbush downgraded Carvana Co (NYSE:CVNA) to Neutral from Outperform and lowered its price target to $15.00 from $50.00.
Deutsche Bank downgraded International Paper (NYSE:IP) to Sell from Hold and lowered its price target to $29.00 from $44.00, noting it sees risk to the company’s current dividend in 2024. The analysts estimate that the company would have to cut its dividend by at least 13% to be at 50% of free cash flow in 2024, which would take the annual cash dividend to $1.61 per share from its current level of $1.85.
Barclays downgraded Pegasystems (NASDAQ:PEGA) to Underweight from Equalweight and lowered its price target to $25.00 from $50.00.
BofA Securities downgraded Masco (NYSE:MAS) to Underperform from Neutral and lowered its price target of $46.00 from $58.00.
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