UPDATE: Goldman Sachs Starts Ball Corp (BLL) at Buy, 'Differentiated organic growth profile with sustainability tailwinds'
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Goldman Sachs analyst Adam Samuelson initiates coverage on Ball Corp (NYSE: BLL) with a Buy rating and a price target of $98.00.
The analyst comments "BLL is the largest global aluminum beverage can (BevCan) producer, with ~85% of 2020 sales attributed to its BevCan businesses. The company has experienced an unprecedented wave of demand growth as new product launches and demand for non-traditional beverage categories has spurred growth in North and Central America; sustainability-driven packaging innovations and shifting consumer preferences drove growth in Europe; and improved consumer mobility and substrate shifts out of reusable (two-way) glass has improved demand in South America. With the company on track to deploy an additional 25bn units (24%) of capacity over between 2020-2023, and incremental capacity committed to existing customers under multi-year contracts, we believe the company is poised to grow EBITDA at a 13% CAGR between 2020-23."
Shares of Ball Corp closed at $87.63 yesterday.
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