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Margins Restored For Crown Holdings

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Citigroup has published a research report on Crown Holdings Inc. (NYSE: CCK) as quarterly margins have been driven back towards normal levels by structural pricing improvements.

In the report, Citigroup writes "Record quarterly margins driven by structural pricing improvements, growth in (high margin) emerging markets, and cost take-outs position CCK well as it moves further in to its major growth phase. We see projected ~20% bev can capacity growth slated through 2012 in emerging markets helping to drive a higher long-term earnings profile for the company – though successful integration and start-up will be the key near-term risk to navigate. Increased free cash flow forecast, combined with potential for debt/equity shift, could provide further upside to shareholder returns."

Citigroup maintains its Buy rating and has raised the price target from $32 to $36.

Crown Holdings closed yesterday at $30.62.

 

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