As supply chains even out, analysts now say there could be a glut of one material essential to shipping: cardboard.
Shipping and e-commerce demand is slowing. Traffic jams at ports are easing. But as supply chains even out, analysts now say a glut is forming in the supply of one material essential to moving goods: cardboard.
With recession worries hanging over 2023 and online shopping slowing, BofA analysts said in a note on Thursday said that demand for boxes, cans and labels remains in flux. Against that backdrop, the analysts downgraded Packaging Corp. of America, a large producer of containerboard — the carboard, often corrugated, used for boxes — and Sylvamo Corp., which makes paper and operates paper mills. But they upgraded both Avery Dennison Corp., which makes tags and labels, and Ardagh Metal Packaging, a manufacturer of metal beverage cans.
The analysts downgraded Packaging Corp. of America PKG to neutral from buy, citing “a weakening in the containerboard sector.” They said the company’s management was capable of navigating a possible downturn but that the containerboard surplus would be “too much to handle over the next year” and would keep prices low even if demand recovers. Shares of the company fell 1.5% on Thursday.
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