Citi downgraded Pactiv Evergreen (PTVE) to Neutral from Buy with a price target of $18, up from $13. The firm sees limited upside to the shares following the announced combination with Novolex. Pactiv shares traded up 18% to close at $17.36 Monday, implying a reasonably tight spread on the deal, the analyst tells investors in a research note.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on PTVE:
- Pactiv Evergreen Merges with Novolex in $6.7B Deal
- Novolex to acquire Pactiv Evergreen for $18.00 per share in cash
- Apollo’s Novolex exploring bid for Pactiv Evergreen, Bloomberg reports
- Pactiv Evergreen trading resumes
- Pactiv Evergreen trading halted, volatility trading pause
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
