UPDATE: Jefferies Reduces PT to $48 on Ball Corporation; CSD Demand Soft

Jefferies reiterates its Buy rating on Ball Corporation BLL but reduces its price target from $49 to $48 on checks indicating CSD demand has seen softness. Jefferies noted, "[W]ith April and May being one of the wettest and coolest springs in Europe in years, our checks indicate CSD demand has been soft, but beer is holding up fairly well. Additionally, with demand in Brazil softening as well (flat volumes YTD), we are trimming our EPS estimates for 2012 from $3.10 to $3.05 and baking in some share leakage in its N.A. bev can business in 2013 (lowering to $3.39 from $3.65). We are reducing our price target to $48, which is based 8.8x 2012E EV/EBITDA." Ball Corporation closed at $ on Wednesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorPrice TargetIntraday UpdateAnalyst RatingsJefferies
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!