Citi lowered the firm’s price target on Ball Corp. to $60 from $61 and keeps a Neutral rating on the shares. Ahead of Q2 earnings, the analyst trimmed paper and packaging group estimates by 4%, saying volume declines are more than offsetting ramping cost saves. Citi’s estimates are now 5% below consensus and it expects further sell-side revisions into earnings season. It views expectations for Q2 prints as being “very low.” Following share weakness over the past three months, it is likely most stocks are pricing in fiscal year guidance cuts, it writes.
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Read More on BALL:
- Ball aerospace unit draws interest from PE firms, defense suitors, Reuters says
- Philip Morris upgraded, Palantir downgraded: Wall Street’s top analyst calls
- Ball Corp. considering options that could better position its aerospace business
- Ball Corp. upgraded to Equal Weight from Underweight at Wells Fargo
- Ball Corp. looking into sale of aerospace unit for over $5B, Reuters says
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