Jefferies upgraded Ball Corp. to Buy from Hold with a price target of $64, up from $63. With the stock’s multiple re-basing back to pre-2019 levels, free cash flow reaccelerating, and fundamentals “at a trough,” Ball’s risk/reward is attractive, the analyst tells investors in a research note. The firm believes the setup is favorable, as Ball receives the proceeds from the aerospace divestiture in the first half of 2024, which should line up with a recovery in volumes in North America.
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