UPDATE: Deutsche Bank Initiates Berry Plastics Group at Buy on Valuation
Deutsche Bank initiated coverage on Berry Plastics Group (NYSE: BERY) with a Buy rating and a $17 price target.
Deutsche Bank noted, "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 Group closed at $13.88 on Monday.
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