Wells Fargo analyst Gabe Hajde upgraded Greif to Overweight from Equal Weight with a price target of $52, up from $46. In a research note to investors, Hajde cites the ongoing cultivation of Caraustar synergies, a more stable pricing outlook for domestic containerboard and contribution from internal investments for the upgrade. The analyst also says he thinks current FY20 guidance appears to limit downside risk and says U.S. and international industrial short-cycle demand may be bottoming and with easing prior year comparisons over the coming quarters, he sees a possible inflection in RIPS volumes. In the near-term, Hajde says Greif continues to make progress on its key strategic focus areas in light of what has proven to be a lackluster industrial backdrop over the past 18-24 months.