Berry Global price target raised to $87 from $76 at Jefferies

Jefferies analyst Philip Ng raised the firm’s price target on Berry Global (BERY) to $87 from $76 and keeps a Buy rating on the shares. The firm anticipates “another challenging earnings season” for the paper and packaging group, with volumes likely disappointing from de-stocking and downside risk to fiscal year estimates. However, the firm thinks these dynamics are “well understood” and believes Berry and Crown Holdings (CCK) are best positioned to manage through these headwinds, added the analyst, who is transitioning the firm’s price targets to 2024.