Credit Suisse Downgrades Ball Corp (BALL) to Neutral, 'shifts in consumer spending away from the category'

Credit Suisse analyst Curt Woodworth downgraded Ball Corp (NYSE: BALL) from Outperform to Neutral with a price target of $58.00 (from $65.00).

The analyst comments "We downgrade Ball to Neutral from Outperform as we have more concerns about the mass beer category going forward given shifts in consumer spending away from the category as well as Ball’s exposure to Anheuser-Busch. As evident this quarter, Ball experienced significantly weaker volumes vs peers in North America and we see this trend continuing into 2024 as mass beer looks challenged even apart from the AB specific issue. While negative operating leverage can be mitigated by strong net price and fixed cost reduction, a sustained imbalance in supply & demand will likely create more price competition."

For an analyst ratings summary and ratings history on Ball Corp click here. For more ratings news on Ball Corp click here.

Shares of Ball Corp closed at $51.88 yesterday.

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