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Benzinga

Business

Shivani Kumaresan

BMO Capital Upgrades This Beverage Can Maker - Read Why

BMO Capital CCK Crown Holdings

BMO Capital analyst Mark Wilde upgraded Crown Holdings Inc (NYSE:CCK) to Outperform from Market Perform with a price target of $140, up from $110, implying a 21.5% upside.
The move comes after the company's Q4 earnings beat.
Mark said he is "feeling better" about the beverage can business amid "strong" demand, with global volumes rising 9% in FY21 and the company forecasting growth of another 9% in FY22.
While the stock is "not cheap" at 10.6-times expected 2022 EBITDA, Wilde said he is more positive on supply/demand, as well as cash flow outlook for Crown Holdings.
Price Action: CCK shares closed higher by 1.06% at $115.25 on Wednesday.

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