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IP International Paper $44.42 -0.28 (-0.63%) , WRK WestRock $40.34 (0.00%) … 07:08 01/17/19 01/17 07:08 01/17/19 07:08 Recommendations	International Paper, WestRock, Packaging Corp. analyst commentary at Deutsche Bank » Deutsche Bank cuts price… Deutsche Bank cuts price targets in containerboard space. In addition to lingering concern over the impact of new supply, investors are now even more cautious on the containerboard stocks due to industry data showing growth moderating and persistently elevated inventories, Deutsche Bank analyst Debbie Jones tells investors in a research note titled "Thinking about downside risk to containerboard stocks." Trade publication Pulp and Paper Week also highlighted some domestic discounting and declining export prices while quoting bearish commentary from industry contacts and analysts regarding market conditions, adds the analyst. She lowered her price target for Hold-rated International Paper (IP) to $46 from $55, for Buy-rated WestRock (WRK) to $51 from $58 and for Hold-rated Packaging Corp. of America to $100 from $120. IP International Paper $44.42 -0.28 (-0.63%) WRK WestRock $40.34 (0.00%) PKG Packaging Corp. $89.26 -0.42 (-0.47%) 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	30 Jan 31 Jan 31 Jan

Over a week ago
WRK WestRock $39.96 0.07 (0.18%) 08:36 01/08/19 01/08 08:36 01/08/19 08:36 Downgrade	WestRock rating change at RBC Capital » WestRock cut to Sector… WestRock cut to Sector Perform at RBC Capital on c-board/packaging sector risks. As reported earlier, RBC Capital analyst Paul Quinn downgraded WestRock to Sector Perform from Outperform and also lowered his price target to $47 from $64. The analyst cites the well-known "wall of worry" faced by the packaging producers in 2019, stating that while the company represents a "solid longer term investment", he urges investors to be "more selective" in containerboard and packaging sector exposure. Quinn adds that the cost headwinds faced by companies like WestRock have been greater than anticipated, and the lag in industry price increases have been "considerable". 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	31 Jan
WRK WestRock 04:01 01/08/19 01/08 04:01 01/08/19 04:01 Downgrade	WestRock rating change at RBC Capital » WestRock downgraded to… WestRock downgraded to Sector Perform from Outperform at RBC Capital 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	31 Jan
WRK WestRock $39.89 1.7 (4.45%) 07:00 01/07/19 01/07 07:00 01/07/19 07:00 Downgrade	WestRock rating change at Citi » WestRock downgraded to… WestRock downgraded to Neutral from Buy at Citi. Citi analyst Anthony Pettinari downgraded WestRock (WRK) to Neutral and lowered his price target for the shares to $42 from $52. The analyst says the downgrade reflects a more defensive positioning for Paper & Packaging in 2019. Following 2018's underperformance there are some supportive signs on valuation, with the Packagers' disconnect from Consumer Staples "especially noteworthy," Pettinari tells investors in a research note. Crown Holdings (CCK), Berry Global (BERY) and Graphic Packaging (GPK) are his top picks for 2019. 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	31 Jan

Over a month ago
WRK WestRock $41.90 -2.46 (-5.55%) 12:44 12/17/18 12/17 12:44 12/17/18 12:44 Downgrade	WestRock rating change at BofA/Merrill » WestRock downgraded to… WestRock downgraded to Neutral from Buy at BofA/Merrill 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial

WRK WestRock $45.33 -0.875 (-1.89%) 06:20 12/10/18 12/10 06:20 12/10/18 06:20 Downgrade	WestRock rating change at Goldman Sachs » WestRock downgraded to… WestRock downgraded to Neutral from Buy at Goldman Sachs. Goldman Sachs analyst Brian Maguire downgraded WestRock to Neutral and lowered his price target for the shares to $54 from $57. The analyst sees accelerating supply coupled with decelerating demand. The recent "sharp acceleration" in announcements of new U.S. containerboard capacity comes at a time when U.S. box shipment demand growth is decelerating and macroeconomic growth is projected to decelerate in 2019, Maguire tells investors in a research note. The analyst prefers to wait on the sidelines ahead of likely U.S. price cuts at some point in 2019 or 2020. 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial
WRK WestRock $44.54 -0.18 (-0.40%) 06:30 11/05/18 11/05 06:30 11/05/18 06:30 Earnings	WestRock reports Q4 adjusted EPS $1.29, consensus $1.24 » Reports Q4 revenue… Reports Q4 revenue $4.24B, consensus $4.28B. 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	05 Nov
ACA Arcosa $28.43 1.1 (4.02%) , KS KapStone $34.98 -0.01 (-0.03%) … 04:55 11/05/18 11/05 04:55 11/05/18 04:55 Hot Stocks	Arcosa to replace KapStone in S&P 600 at open on 11/5 » Trinity Industries (TRN)… Trinity Industries (TRN) is spinning off Arcosa (ACA) to shareholders in a deal expected to be completed on November 1. Post spin-off, Trinity Industries will remain in the S&P MidCap 400. WestRock (WRK) is acquiring Kapstone Paper and Packaging (KS) in a deal expected to close on or about November 2 pending final conditions. ACA Arcosa $28.43 1.1 (4.02%) KS KapStone $34.98 -0.01 (-0.03%) TRN Trinity Industries $22.25 -0.49 (-2.15%) WRK WestRock $44.54 -0.18 (-0.40%) 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	05 Nov 06 Nov
WRK WestRock $44.54 -0.18 (-0.40%) , KS KapStone $34.98 -0.01 (-0.03%) 17:03 11/02/18 11/02 17:03 11/02/18 17:03 Hot Stocks	WestRock completes acquisition of KapStone » WestRock Company (WRK)… WestRock Company (WRK) announced that it has completed the acquisition of KapStone Paper and Packaging Corporation (KS). The company expects to achieve approximately $200M in synergies and performance improvements by the end of FY21 through the integration of the former KapStone operations into WestRock's corrugated business. The acquisition also strengthens WestRock's presence on the West Coast of the United States and broadens WestRock's portfolio of differentiated paper and packaging solutions with the addition of attractive paper grades and distribution capabilities. WestRock financed the transaction through the issuance of debt from a bank term loan facility, existing credit commitments and cash on hand. WRK WestRock $44.54 -0.18 (-0.40%) KS KapStone $34.98 -0.01 (-0.03%) 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	05 Nov
KEYS Keysight Technologies $57.15 0.68 (1.20%) , CA Bought by AVGO $44.26 0.08 (0.18%) … 18:13 10/30/18 10/30 18:13 10/30/18 18:13 Hot Stocks	S&P announces changes to S&P 400, 500, 600 indices » S&P Dow Jones Indices… S&P Dow Jones Indices will make the following changes to the S&P 500, S&P MidCap 400 and S&P SmallCap 600: S&P MidCap 400 constituent Keysight Technologies (KEYS) will replace CA (CA) in the S&P 500, S&P SmallCap 600 constituent Ligand Pharmaceuticals (LGND) will replace Keysight Technologies in the S&P MidCap 400, and Marcus & Millichap (MMI) will replace Ligand Pharmaceuticals in the S&P SmallCap 600 prior to the open of trading on Tuesday, November 6. S&P 500 constituent Broadcom (AVGO) is acquiring CA in a deal expected to close on or about that date pending final conditions. Arcosa (ACA) will replace KapStone Paper and Packaging (KS) in the S&P SmallCap 600 effective prior to the open of trading on Monday, November 5. S&P MidCap 400 constituent Trinity Industries (TRN) is spinning off Arcosa to shareholders in a deal expected to be completed on November 1. Post spin-off, Trinity Industries will remain in the S&P MidCap 400. S&P 500 constituent WestRock (WRK) is acquiring Kapstone Paper and Packaging in a deal expected to close on or about November 2 pending final conditions. KEYS Keysight Technologies $57.15 0.68 (1.20%) CA Bought by AVGO $44.26 0.08 (0.18%) LGND Ligand $173.09 6.32 (3.79%) MMI Marcus & Millichap $32.29 0.69 (2.18%) AVGO Broadcom $221.14 9.11 (4.30%) ACA Arcosa $0.00 (0.00%) KS KapStone $34.99 3.35 (10.59%) TRN Trinity Industries $28.26 0.77 (2.80%) WRK WestRock $42.84 1.9 (4.64%) 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	05 Nov 06 Nov 07 Nov 13 Nov 20 Nov

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