UPDATE: Credit Suisse Downgrades Ball Corporation to Neutral

Credit Suisse lowers its rating on Ball Corporation BLL to Neutral from Outperform as share value has climbed above historical averages. Target price is raised from $42 to $45. Credit Suisse comments, ": We are downgrading Ball shares to Neutral from Outperform as we believe the shares are approaching fair value following strong recent performance. At 8.2x 2012 EV/EBITDA and 7.7x for 2013, Ball is trading above its ten year average forward EBITDA multiple of 7.6x. We are increasing our target price to $45 from $42, but we see little room for additional multiple expansion, in our view. That said, we expect Ball shares to be relatively more defensive should the global macro environment become unexpectedly more difficult, noting the company's higher exposure to North America as well as resilient food and beverage can end markets." BLL closed at $42.77 on Friday.