JPMorgan analyst Jeffrey Zekauskas downgraded Crown Holdings (NYSE: CCK) from Overweight to Neutral with a price target of $121.00 (from $107.00).

The analyst comments: “The company benefited from 5% volume expansion in the mature North American market, with perhaps half of the growth stemming from strength in beer and other beverages from consumption by World Cup fans. Crown believed that World Cup volume benefits contributed two to three points of volume growth in the quarter. EBIT was also better than expected because of good sales of equipment to the beverage canning market. Capital expenditures for the can industry have moved off the lows reached in the 2024-2025 period. Crown’s volumes in Europe were at about 7% in the quarter supported by growth in all regions with the exception of the Eastern European region. Crown expressed the idea that it was a quarter in which everything went right.”

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Shares of Crown Holdings closed at $117.99 yesterday.