BLL - Ball upgraded at BMO as beverage can demand shows no sign of slowing

Ball Corp. (BLL +1.9%) bounces higher as BMO Capital upgrades shares to Outperform from Market Perform with a $105 price target, citing volume growth in beverage cans, margin improvement and double-digit growth in the company's aerospace segment. Beverage can demand is showing no signs of slowing, BMO's Mark Wilde says, noting that "food and beverage companies have put out aggressive sustainability targets, and are looking to aluminum cans to achieve them." Russia comprises a relatively small part of Ball's global production, according to Wilde, with three plants in the country and capacity at 3.5B units, slightly below 10% of the 38B units the company shipped in the EMEA region in 2021. Wilde says the stock is not inexpensive, but "we believe there is more room to run, particularly as capacity grows and canmakers continue to enjoy improved pricing [and] terms on new contracts." Ball recently beat estimates for Q4 earnings and

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Ball upgraded at BMO as beverage can demand shows no sign of slowing