UPDATE: Mizuho Securities Starts Pactiv Evergreen (PTVE) at Buy
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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."
Shares of Pactiv Evergreen closed at $12.45 yesterday.
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