** Packaging Corp of America's shares of up 1.7% at $236.25 in light premarket trading

** Brokerage Jefferies upgrades the stock to "buy" from "hold"; raises price target to $280 from $215

** New PT represents 18% upside to stock's last close

** Jefferies expects PKG to benefit from share gains as firms like International Paper and Smurfit Westrock

prioritize value over volume and reduce capacity

** "As the only U.S. pure play, consistent share winner, and improving industry structure, we expect PKG to outperform & its multiple to expand," brokerage adds

** Six of 10 brokerages rate the stock "buy" or "higher" and four "hold"; with a median PT of $252 - LSEG data

** Up to last close, shares up ~42% YTD

(Reporting by Rupali Chaudhary in Bengaluru)

((Rupali.Chaudhary@thomsonreuters.com))