As reported earlier, DA Davidson analyst Steven Chercover upgraded Gratfelter to Buy from Neutral and raised his price target to $23 from $19. The analyst notes that he is "incrementally positive" on the stock based on his view of the announced acquisition of GP's European airlaid nonwoven business, which adds 35K tonnes per year in capacity to the company's existing 129K tpy. Chercover also cites the potential benefits of a sale of Gratfelter's Paper business along with the continued momentum in Paper pricing, benefiting near term results and possibly increasing the value of the sale.