Jefferies Cuts Price Target on Crown Holdings (CCK) Following 3Q

October 21, 2016 8:53 AM EDT
Get Alerts CCK Hot Sheet
Price: $53.22 -1.64%

Rating Summary:
    11 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
Trade CCK Now!
Join SI Premium – FREE

Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.

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."

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 $54.76 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS Change, Analyst PT Change

Related Entities

Jefferies & Co, Earnings

Add Your Comment