Citi downgraded Pactiv Evergreen (PTVE) to Neutral from Buy with a price target of $18, up from $13. The firm sees limited upside to the shares following the announced combination with Novolex.

Novolex, a packaging company backed by Apollo Global Management, struck a deal to buy publicly traded Pactiv Evergreen for around $3.22 billion The companies Monday said Novolex will pay $18 a ...