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

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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.

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