Crown Holdings price target lowered to $79 from $86 at Wells Fargo

Wells Fargo analyst Gabe Hajde lowered the firm’s price target on Crown Holdings to $79 from $86 and keeps an Equal Weight rating on the shares. Wells believes beverage can demand has remained subdued to start 2023 and, at this point the FMCGs seem more focused on price realization versus volume growth. Additionally, the closure of a third U.S. beverage can plant seems at odds with a robust long-term growth trajectory, the firm says.