Upgrade Alert for Packaging of America (PKG)
Packaging of America (NYSE:PKG) was upgraded from Neutral to Buy at BofA/Merrill today. The stock closed yesterday at $83.77 on volume of 1.5 million shares, above average daily volume of 900,000.
Packaging of America (NYSE:PKG) is currently priced 11.3% above its average consensus analyst price target of $74.31. Packaging of America shares have support at the 200-day moving average (MA) of $62.16 and additional support at the 50-day MA of $58.93.
In the past 52 weeks, shares of Packaging of America have traded between a low of $44.32 and a high of $84.69 and closed yesterday at $83.77, which is 89% above that low price. The 200-day and 50-day moving averages have moved 0.02% lower and 2.69% higher over the past week, respectively.
Packaging Corp of America manufactures containerboard and corrugated packaging products for use in protecting goods during shipment. The Company also produces multi-color boxes and displays, as well as meat boxes and wax-coated boxes for the agricultural industry.
SmarTrend recommended that subscribers consider buying shares of Packaging of America on July 11th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $70.21. Since that recommendation, shares of Packaging of America have risen 18.7%. We continue to monitor PKG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades packaging of america