Ball Corp. price target lowered to $75 from $77 at RBC Capital

RBC Capital analyst Arun Viswanathan lowered the firm’s price target on Ball Corp. to $75 from $77 and keeps an Outperform rating on the shares as part of a broader research note previewing Q3 results for Packaging names. The firm is citing the latest Circana data for the 4-week period ending September 22nd that shows some softening of low single digits in General Food and some North America Beverage categories but flat to up in Home/Beauty/Frozen, the analyst tells investors in a research note. Alcoholic beverage volumes were overall down, though beer packaging “appears flat”, RBC adds, stating that it is reducing its EBITDA estimates across most names due weaker volume trends and that it sees most flat or slightly up volume categories as being driven by slightly higher promotional activity.