KapStone Paper and Packaging price target raised

A big cash infusion that lifted the share price of KapStone Paper and Packaging Corp. led an analyst to raise his price target Tuesday on the company.

On Aug. 17, some 17 million KapStone warrant holders agreed to convert their warrants into shares, resulting in an $85 million cash infusion for the company.

That money will be used to pay down debt, thus cutting the Northfield, Ill., company's interest expense and financial risk.

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Since the close of business on Aug. 17, when the stock finished at $5.01, shares have surged 32 percent.

D.A. Davidson analyst Steven Chercover raised his price target to $8.50 from $6 and maintained his "Buy" rating on the stock.

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"We remain upbeat about KapStone's long-term prospects given the company's strong position in the Saturating Kraft market, improved balance sheet and signs that the global economic crisis is ebbing," he wrote in a client note after the market closed Tuesday.

Shares closed up 31 cents, or 4.9 percent, to $6.61.