Crown Holdings (CCK) PT Raised to $135 at Citi

Citi analyst Anthony Pettinari raised the price target on Crown Holdings (NYSE: CCK) to $135.00 (from $129.00) while maintaining a Buy rating.

The analyst comments "CCK shares traded flattish following a large beat & raise; strong results in Americas Bev may have been somewhat anticipated given scanner data, while beats in non-core segments (Transit, Non-Reportable) may have been discounted, particularly Transit which benefitted from cost saves. Earnings decline in Asia-Pac was unexpected, although the segment is only ~10% of the company. Positively, Americas continues to beat on the bottom line and could exceed $1B EBIT in ’25. While +MSD% growth in US Nielsen channels only translated to +1% Y/Y growth for CCK NA given a tough comp (+9% Y/Y), growing at all off a large base with a near sold-out platform generated +10% Y/Y EBIT growth, demonstrating extremely strong op leverage. European Bev remains on-track for record EBIT with 1H vols +MSD% Y/Y on growth in each sub-region. Rolling forward NTM EBITDA our target moves to $135; reiterate Buy."

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