Jefferies Starts Berry Plastics Group (BERY) at Buy
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Jefferies initiates coverage on Berry Plastics Group (NYSE: BERY) with a Buy rating and a price target of $52.00.
Analyst Philip Ng commented, "We are initiating coverage on BERY with a Buy, driven by the strong FCF (10% FCF yield), and as it de-levers and returns cash back to shareholders, it should narrow the discount to peers, and it could be up 41% as it re-rates. With BERY buying 80% more resin following Avintiv & AEP, coupled with significant resin capacity coming online, the increased buying power should drive margins higher, and the synergies from AEP should surprise to the upside."
Shares of Berry Plastics Group closed at $44.12 yesterday.
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