** Argus Research raises target price on paper and packaging firm Packaging Corp of America PKG.N to $251 from $220

** New PT implies an 8.6% upside to stock's last close

** Argus says PKG positioned to benefit from long-term growth in e-commerce

** Expects earnings to benefit from recovering demand and strategic acquisitions in coming quarters

** The cyclical business is showing signs of perseverance in a challenging environment, signaled by sales in the latest quarter that are up 10% year-over-year - Argus

** Six of 12 analysts rate stock "strong buy" or "buy", five "hold" and one "sell"; their median PT is $234 - data compiled by LSEG

** Including session's move, PKG up 11.8% YTD

(Reporting by Pragyan Kalita in Bengaluru)

((Pragyan.Kalita@thomsonreuters.com;))