UPDATE: Loop Capital Starts Crown Holdings (CCK) at Buy
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(Updated - October 5, 2021 4:16 PM EDT)
Loop Capital analyst Alton Stump initiates coverage on Crown Holdings (NYSE: CCK) with a Buy rating, PT $165.00.
The analyst comments "Our target price of $165 is based on 13x our 2022 EV/EBITDA estimate. We are modeling EPS for CCK of $2.01 in 3Q21 ($0.07 above consensus), $7.60 in 2021 ($0.16 above consensus) and $7.93 in 2022 (above consensus of $7.63). By region, we are modeling volume growth for Crown’s Americas Beverage segment of 3% in 3Q21, 8% in 4Q21, 10% in 2021 and 15% in 2022. Since we are expecting the region to remain undersupplied for years to come, our expectations for CCK’s North American volumes to accelerate over the next 18 months is coming entirely from new capacity coming online. In Europe, we are modeling volume growth of 10% in 3Q21, 5% in 4Q21, 12% in 2021 and 6% in 2022, while for CCK’s Asia Pacific segment we are forecasting volume growth of 14% in 3Q21, 12% in 4Q21, 12% in 2021 and 11% in 2022."
Shares of Crown Holdings closed at $100.46 yesterday.
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