Wells Fargo Bumps Up Greif's Price Target By 3%

Wells Fargo analyst Gabe Hajde raised the price target for Greif, Inc GEF to $73 from $71 while maintaining the Overweight rating on the shares.
The analyst increased the price target reflecting on what he believes to be the solid operational execution.
Despite persistent supply chain challenges, Hajde is encouraged to see another quarter of solid operational execution.
The analyst sees GEF staying aggressive commercially across all primary products to stay ahead of the cost curve.
Related: Why Greif Shares Are Surging After Hours Today
In the near term, Hajde believes volumes are running somewhat ahead of schedule in most locations and product categories (China the exception). Commentary on backlogs and industrial activity (pent-up automobile production) remains largely positive, while the GEF is cautious of increased recession concern.
Lastly, assuming a healthy leverage profile, positive redeployment prospects should produce shareholder value over the long term, added the analyst.
Price Action: GEF shares are trading lower by 6.09% at $60.89 on the last check Monday.

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