Citi Maintains a 'Buy' Rating on Pactiv (PTV), Best Positioned Flexible Packaging Name
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Citi maintains a 'Buy' rating on Pactiv (NYSE: PTV). Price target $30.
Citi analyst says, "Pactiv: A Name Where ’09 Operating Ests Don’t Need to Be Slashed; With its strong projected FCF growth, cyclical, highly variable cost structure (raw materials + freight = ~70% of COGS) and domestic focus, we continue to regard PTV as our top flexible pk’g name. Other resin converters (BMS and SEE) should also benefit in this downturn, which could be severe given magnitude of global resin capacity adds."
Pactiv Corporation (Pactiv) is a producer of consumer and foodservice/food packaging products. Pactiv operates in two operating segments: Consumer Products and Foodservice/Food Packaging.
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