PACKAGING CORPORATION OF AMERICA (PKG: $29.44, rated Overweight with $39 up from $34 target) MORE SHARES REPURCHASED WITH LOWER ESTIMATED BUYBACK PRICES AND BOARD OUTPUT, SHIPMENTS, AND SELLING PRICES EXCEED OUR Q1 2012 ESTIMATES. AVERAGE INDUSTRY MILL OPERATING RATE OF 95.7% BENEFITS FROM EXPORTS. 4/22/2012