Crown Holdings (CCK) Shares Should Find Support in $41-$42 Level - Jefferies

September 25, 2013 7:33 AM EDT Send to a Friend
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Price: $52.78 -0.66%

Rating Summary:
    11 Buy, 4 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 26 | New: 22
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Jefferies analyst Philip Ng trimmed estimates and its price target on Crown Holdings (NYSE: CCK) from $51 to $50, following lower Q3 guidance, but maintained a Buy rating.

"CCK pre-announced to the downside, driven by softer volumes in Europe food, N.A. beverage, and SE Asia," Ng comments. "We believe the weakness in SE Asia is transitory and food can volumes could see a modest uptick from a slippage from 3Q. We believe the stock should find support at the $41 - 42 level, with investors looking past the near term setback."

The firm cut Q3 EPS from $1.23 to $1.08, FY 2013 EPS from $3.31 to $3.09 and FY 2014 EPS from $3.82 to $3.60.

For an analyst ratings summary and ratings history on Crown Holdings click here. For more ratings news on Crown Holdings click here.

Shares of Crown Holdings closed at $43.47 yesterday.

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