2023-06-21 09:59:03 ET
Ball Corp ( NYSE: BALL ) on Tuesday was upgraded to Equal Weight from a previous rating of Underweight by analysts at Wells Fargo Securities. They said the maker of beverage packaging would benefit from selling its aerospace business for about $5 billion, as reported by Reuters last week.
“While we remain cautious that consistent synchronized global beverage can growth will materialize, the risk/reward is now more balanced,” Gabe Hajde, analyst at Wells Fargo, said in a June 20 report.
Wells Fargo set a price target of $55 a share on Ball ( BALL ), based on a multiple of 11.5 times forward EBITDA and 4.1% free-cash-flow yield for 2023.
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Ball upgraded to Equal Weight at Wells Fargo on possible aerospace deal