CLW - Clearwater Paper pops 11% after RBC Capital turns bullish

2023-04-24 11:02:47 ET

Clearwater Paper ( NYSE: CLW ) rallied sharply after the stock was upgraded to an Outperform rating from Sector Perform by RBC Capital Markets. The upgrade came ahead of the Spokane-based company's earnings report due out on May 2.

RBC Capital analyst Paul Quinn said the firm expects declining pulp prices will be a tailwind to Clearwater's results and boost investor sentiment for the stock. RBC boosted its price target on CLW to $42 from $38.

Shares of Clearwater Paper ( CLW ) rose 11.66% in late morning trading on Monday to $36.48 vs. the 52-week trading range of $26.15 to $46.48. Trading volume was above normal activity.

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