As previously reported, BofA Merrill Lynch analyst George Staphos downgraded Boise Cascade to Underperform from Neutral, stating that he expects sluggish Q2 revenue trends in the packaging and paper space and he favors a strategy of being overweight the combination of rigid packaging and some "lower quality stocks" that could benefit from an uptick in emerging markets and trade deal sentiment. Boise rallied in June, outperforming the S&P 500's advance by 20%, but he sees weak pricing, uncertainty in housing and limited relative upside compared to other stocks he covers, said Staphos, trimmed his price target on the stock to $28 from $30.