UPDATE: Mizuho Securities Starts Pactiv Evergreen (PTVE) at Buy

October 12, 2021 4:07 PM EDT
Get Alerts PTVE Hot Sheet
Price: $13.46 +0.45%

Rating Summary:
    4 Buy, 4 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 14 | New: 48
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(Updated - October 12, 2021 4:21 PM EDT)

Mizuho Securities analyst Christopher Parkinson initiates coverage on Pactiv Evergreen (NASDAQ: PTVE) with a Buy rating and a price target of $16.00.

The analyst commented, "We are initiating on PTVE with a Buy rating and a $16 target price based on 7.5x our 2023E EBITDA. The PTVE story spans both a restructuring and de-levering, but we believe the long-term risk/reward is skewing favorably to the upside. There is still a risk that the Beverage Merchandising restructuring takes longer than expected, amplifying leverage fears on the back of the closing of the Fabri-Kal acquisition, but this appears to be the base case of the market given the >10% pullback since the acquisition was announced. Expect a volatile recovery, but abundant risk/reward asymmetry appears to be skewing to the upside."

For an analyst ratings summary and ratings history on Pactiv Evergreen click here. For more ratings news on Pactiv Evergreen click here.

Shares of Pactiv Evergreen closed at $12.45 yesterday.



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