As previously reported, Wells Fargo analyst Gabe Hajde downgraded Packaging Corp. to Market Perform from Outperform and lowered his price target on the shares to $93 from $110. The analyst notes that the domestic containerboard prices have yet to fracture, though a downshift in demand could provide the necessary ingredient for weakness to emerge. Evading a drop in containerboard pricing will prove to be a difficult undertaking for the domestic containerboard industry in 2019, he adds. Hajde believes demand growth could stay in the 1.0%-2.0% range in 2019 and beyond as global economic activity downshifts and the e-commerce channel continues to emphasize "right-sized" packaging. Lastly, the potential for China to alter its hardline on recovered paper imports would limit any upside potential in export containerboard markets, he contends.