KeyBanc Comments on Packaging Stocks, Downgrades PTV and SLGN
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KeyBanc reiterates a Buy rating on Ball Corporation (NYSE: BLL), Crown Holdings (NYSE: CCK), Greif (NYSE: GEF), Myers (NYSE: MYE), Owens-Illinois (NYSE: OI) and Sonoco (NYSE: SON).
Additionally, KeyBanc downgrades Pactiv (NYSE: PTV) and Silgan (NASDAQ: SLGN) from Buy to Hold.
KeyBanc analyst says, "As has occurred during and following past recessions, packaging stocks are out-performing the broader market by a wide margin, a trend we expect to continue in 2009. As a result we have a strong overweight bias to the group. However, to differentiate relative opportunity across the companies in our coverage universe, we have evaluated free cash flow (FCF) yields on our 2009 estimates, where we view a 10% yield as attractive and a 15% yield as a strong buying signal. Additionally, given that there is a high degree of uncertainty surrounding the 2009 economic climate, we created "base case" estimates for each company under coverage in our October report "Expect Relative Out- Performance Over Next 12 Months".
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