- Mizuho analyst Christopher Parkinson reiterated a Buy rating on Crown Holdings, Inc.(NYSE:CCK), raising the price target to $108 from $103.
- Given a healthy order book and improving demand in commodities and tools, Christopher sees a gradual improvement in the back half of the year.
- The analyst is particularly confident about the company’s growth and cost upside into the 2H and optional capital allocation.
- The analyst notes that volumes are beginning to firm up, and gradual improvement should progress going ahead.
- The company is also expected to gain from contractual inflationary recovery, which is expected to continue to propel segment income in Europe.
- The analyst raised FY23 and FY24 EPS estimates to $6.40 and $7.30, respectively. (earlier estimates were $6.35 for FY23 and $7.25 for FY24).
- EBITDA estimates were also increased to $1.93 billion and $2.07 billion for FY23 and FY24, respectively. (earlier estimates were $1.89 billion for FY23 and $2.03 billion for FY24).
- Price Action: CCK shares are trading higher by 0.07% at $81.21 on the last check Wednesday.
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