UPDATE: Macquarie Research Upgrades Crown Holdings, Inc.

Crown Holdings, Inc. CCK was upgraded Tuesday from Neutral to Outperform by Macquarie Research.

Analysts Al Kabili and Danny Moran adjusted the price target downward from $55 to $54.

Kabili noted that "much of the recent pressure on the share price (which we attribute to concerns related to European exposure/FX)" is overdone in his view and that the current price provides investors with "a good entry point."

The report indicated that Kabili also became more confident in "the opportunity for improved pricing in the European food can business next year," while he also believed that many of his concerns which led to a downgrade in January have already played out.

Kabili’s report concluded that Crown Holdings, Inc. will hit the upper end of the 2H 2014 outlook, European food can pricing should improve and that the company has an attractive levered return and relative valuation.

Crown Holdings, Inc. recently traded at $44.70, up 0.22 percent.