Berry Global price target lowered to $65 from $74 at Mizuho

Mizuho lowered the firm’s price target on Berry Global to $65 from $74 and keeps a Neutral rating on the shares. While fiscal Q1 EBITDA had a modest shortfall with no change to full year EBITDA guidance, the 10% decline in the stock more likely reflects investors’ dissatisfaction with the Glatfelter transaction, the analyst tells investors in a research note. The firm says most would have preferred an outright sale of the business, with the proceeds used to delever the balance sheet.