BALL - Why Ball Stock Popped on Friday
2023-09-29 18:18:08 ET
In a fine end to its trading week, Ball Corporation (NYSE: BALL) stock flew higher on Friday after an analyst upgraded his recommendation. The food packaging -- canning, to put it another way -- specialist's share price defied gravity by more than 3%, on a day when the bellwether S&P 500 index stumbled to a 0.3% decline.
The party doing the upgrading was Jefferies . Well before market open, prognosticator Philip Ng changed his recommendation on Ball stock to buy from hold. In doing so, he added $1 per share to his price target for a new level of $64. That implies significant upside of almost 30% to the current share price.
In his research note heralding the upgrade, Ng wrote, "With the multiple rebasing back to pre-2019 levels, [free cash flow] reaccelerating, and fundamentals at a trough, we find the risk:reward attractive."
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Why Ball Stock Popped on Friday