UPDATE: Deutsche Bank Initiates Berry Plastics at Buy on Pipeline, Synergies and Deleveraging

Deutsche Bank initiated coverage on Berry Plastics

with a Buy rating and a $17 price target. Deutsche Bank commented, "Berry Plastics is a leading producer of consumer-oriented plastic packaging. With sales of ~$4.7B/yr, Berry is largely US-oriented and sells a mix of rigid & flexible packaging. Berry enjoys #1 or #2 market positions in most of its businesses. Looking ahead, thanks to a promising new product pipeline and cost savings/synergies from recent acquisitions, Berry has the potential to deliver above-trend growth and focus on deleveraging. Based on compelling valuation, we rate the stock a Buy." Berry Plastics closed at $13.88 on Monday.