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2024-04-16 21:56
Crown Holdings (NYSE:CCK) late Monday was upgraded to Outperform from a previous investment rating of Neutral by analysts at financial-services firm Baird. They said the maker of metal packaging is poised for gains after underperforming its peers.
“While the operating backdrop remains uncertain, we do believe that Crown (CCK) has a diverse geographic portfolio specific to metal beverage cans, with the company well-positioned to benefit from a directional improvement in CPG end-market volumes,” Ghansham Panjabi, analyst at Baird, said in an April 15 report.
Baird raised its price target for Crown (CCK) to $90 a share from $85 a share previously, based on a multiple of about 15 times estimated earnings per share for fiscal-year 2024.
Baird downgraded Berry Global (BERY) on concerns about rising oil prices.