Jefferies Cuts Price Target on Crown Holdings (CCK) Following 3Q
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Jefferies maintained a Buy rating on Crown Holdings (NYSE: CCK), and cut the price target to $63.00 (from $64.00), following the company's 3Q earnings report. With the floods and a drought in Europe weighing on volumes during 3Q, it is impressive that CCK was able to drive good expansion from cost takeout. However, 4Q guidance was lighter than expected, largely due to higher start up costs, with CCK ramping up new capacity at Nichols, Monterrey, and Custines.
Analyst Philip Ng commented, "With expectations high and start up costs larger than expected, the stock was weak today, but we believe the underlying story remains unchanged and CCK is positioned for profitable growth and to start returning cash back to shareholders in 2017."
Shares of Crown Holdings closed at $54.76 yesterday.
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