The new price target comes after Graphic Packaging reported its 2015 fourth quarter earnings results yesterday.
The Atlanta-based company is a provider of paper-based packaging solutions to food, beverage and other consumer products companies.
While there have been concerns about the capacity coming online from its folding boxboard (FBB) cardboard material, the company is fairly insulated, Jefferies noted. Lower solid bleached sulphate (SBS) cardboard would be a "cost pass through," the firm noted.
"GPK continues to execute at a high level and deploy capital effectively, and we believe it's one of the most attractive high quality and defensive names in the group, with the stock trading with a 9.5% FCF yield," the firm said in an analyst note.
Shares of Graphic Packaging are up by 1.38% to $12.14 at the start of trading on Wednesday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
This is driven by a number of strengths, which should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks covered.
The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income, growth in earnings per share, notable return on equity and largely solid financial position with reasonable debt levels by most measures.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: GPK