Morgan Stanley analyst Neel Kumar downgraded Graphic Packaging ( GPK ) to Hold from Buy and maintained a price target of $20. Though Kumar believes that plastic to paperboard conversions, improving boxboard pricing, and expected stronger free cash flow will aid organic growth, he foresees modest upside in the stock following its price gain of 41% over the past six months. Furthermore, with the belief that 2021 earnings will not be a catalyst, the analyst has a "less compelling" reason to be positive in the near term.