Crown Holdings (CCK) PT Raised to $90 at Jefferies, Shares Could Re-Rate to $100 on Catalysts

Jefferies analyst Philip Ng raised the price target on Crown Holdings (NYSE: CCK) to $90.00 (from $82.00) while maintaining a Buy rating, saying a portfolio review decision is coming.

The analyst commented, "It's been a year since CCK announced its portfolio review, and we believe mgmt will provide an update soon. We could see CCK divesting European Food or Signode and using the proceeds to delever & buyback stock. In our analysis, we see either of these scenarios providing the catalyst for shares to re-rate to $100. That said, with elevated expectations and if mgmt decides to keep the portfolio unchanged, we see downside risk in the near-term."

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