Silgan Holdings price target lowered to $49 from $51 at RBC Capital

RBC Capital analyst Arun Viswanathan lowered the firm’s price target on Silgan Holdings to $49 from $51 after its Q3 results and FY23 guidance cut but keeps an Outperform rating on the shares. Silgan should still grow earnings in a flat market environment with cost savings initiatives, and should generate solid free cash flows for share buybacks, M&A, and deleveraging, the analyst tells investors in a research note. Despite the inflationary impacts and destocking which has resulted in a challenging 2023, Silgan’s long-term thesis remains intact, the firm added.