BERY - Berry Global upgraded to Buy as Truist applauds management actions

2023-05-24 10:19:33 ET

Berry Global ( NYSE: BERY ) was upgraded to Buy from Hold at Truist Securities, citing “an increased sense of urgency” from management on near-term cost savings initiatives.

Equity analyst Michael Roxland noted that recent discussions with “contacts in and around BERY including Ancora, the activist investor” have increased his confidence in a turnaround for the company. I particular, the addition of new board members recent bolsters his confidence in the story.

“While we expect that BERY’s operations could be choppy for the duration of the year, we believe that there is potential for the company to continue to enact cost savings initiatives near-term that could drive the stock higher,” Roxland wrote. “We upgrade BERY to Buy from Hold. Our PT increases to $73 from $69 as we tweak our multiples higher.”

Shares of Berry Global ( BERY ) edged 0.6% shortly after Wednesday’s market open.

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