Jefferies Cuts Price Target on Crown Holdings (CCK) Following 3Q
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial 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."
Shares of Crown Holdings closed at $54.76 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wedbush Raises Price Target on Francesca's (FRAN) Following 3Q Report
- Western Digital (WDC) PT Raised to $72 at Mizuho Securities
- Oppenheimer Raises Price Target on Bob Evans Farms (BOBE) Following 2Q EPS Beat
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!