CCK - Crown Holding: Still Some Upside After A Decent Run

• Demand for beverage cans is booming due to trends towards sustainability and shift in consumer preferences. This is partially accelerated by COVID-19 with a shift towards at-home consumption.
• The outlook for the industry remains bright with volume growth expected to be 4-5% CAGR until 2025. All major players have announced plans to increase capacity to overcome supply shortages.
• Crown Holding has achieved a great result during the third quarter and has announced to build additional capacity in the Americas as cans remained sold out in the region.
• We raised our target price to $103, a 19% upside to the current share price. We believe CCK is attractively priced compared to BLL and can be a defensive play.

For further details see: