UPDATE: Deutsche Bank Downgrades Ball Corporation to Hold on Valuation
Deutsche Bank reduced its rating on Ball Corporation (NYSE: BLL) from Buy to Hold while reiterating its current $46 price target.
Deutsche Bank commented, "We regard Ball as among the steadiest and best-managed packaging companies. The company has returned considerable cash to shareholders over time and remains a solid free cash flow generator. Meanwhile, Ball has continued to expand its global packaging footprint. Ball's businesses are performing. Looking ahead, we think Ball is well positioned to grow FCF and earnings as a result of acquisitions, growing market share, prudent investment in emerging markets, and cost-saving initiatives. However, at current levels, the stock is trading above its historical trading averages. We see limited upside from current levels."
Ball Corporation closed at $45.07 on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.