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BMO Capital Markets starts off coverage on Clearwater Paper (CLW) with an Outperform rating on an attractive view of valuation. The firm assigns a price target of $48 vs. the 52-week trading range of $13.50 to $42.11. Clearwater trades at 5.37X forward EPS estimates.The company already boosted its view for Q4 adjusted EBITDA. Earlier this month, RBC Capital called Clearwater a M&A target.