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Deutsche Bank Reiterates Hold Rating, $40 PT on Crown Holdings After Q4 Report

Related CCK
Crown Holdings Beats on Q2 Earnings as Can Volumes Rise
Earnings Scheduled For July 21, 2014

In a report published Monday, Deutsche Bank reiterated its Hold rating and $40.00 price target on Crown Holdings (NYSE: CCK).

Deutsche Bank noted, “Mgmt pointing to strong FCF in 2013 ($500MM) vs. 2012 ($325MM). FY'13 EPS target of $3.20-$3.40 (vs. consensus of $3.27/share). Earnings drivers: 1) improved vol's & operating performance, 2) lower pension exp., 3) reduced share count, 4) D&A reduction. Partial offset = higher y/y tax rate. As a result, we are raising our FY'13 EPS target from $3.20 to $3.25 (Q1 = $0.49) and our FY'14 EPS target from $3.55 to $3.60/share. Upside is possible if CCK executes, especially in restructuring Euro Food cans. FX & accelerated share repurchase could also boost numbers.”

Crown Holdings closed on Friday at $39.18.

Posted-In: Deutsche BankAnalyst Color Reiteration Analyst Ratings


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