Market Overview

UPDATE: Citigroup Reiterates Berry Plastics Group at Buy on Deleveraging and Cash Generation

Citigroup reiterated its Buy rating and $18 price target on Berry Plastics Group (NYSE: BERY) following solid quarter results.

Citigroup noted, "BERY's Fiscal 4Q saw solid EBITDA growth (13% Y/Y) and cash generation ($159mm) despite a 2% decline in sales, helping the company to pay down debt ($113mm). Management tone was somewhat cautious due to sluggish economic conditions that have challenged volumes (YTD -6%) although the decline is partly due to voluntary shedding of lower margin business. Bottom line: cash generation and deleveraging are on-track, now organic volume improvement is the missing piece; maintain Buy."

Berry Plastics Group closed at $14.76 on Tuesday.

Posted-In: CitigroupAnalyst Color Reiteration Pre-Market Outlook Analyst Ratings

 

Most Popular

Related Articles (Bery)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free