Baird Upgrades Crown Holdings (CCK) to Outperform, 'an unsustainable valuation spread'

Baird analyst Ghansham Panjabi upgraded Crown Holdings (NYSE: CCK) from Neutral to Outperform with a price target of $90.00 (from $85.00).

The analyst comments "As part of our 1Q24 Packaging and Coatings preview (published separately), we are upgrading our investment rating on Crown Holdings to an Outperform, noting that the shares have underperformed significantly on a YTD basis, and currently trade at what we view as an unsustainable valuation spread relative to its purest comparison—especially with the company realistically adjusting towards a changed operating environment by executing on cost-outs and balance sheet deleveraging boosted by accelerating free cash flow generation. Our raised $90 price target is based on ~15x our 2024 EPS estimate of $5.95."

For an analyst ratings summary and ratings history on Crown Holdings click here. For more ratings news on Crown Holdings click here.

Shares of Crown Holdings closed at $76.20 yesterday.

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