UPDATE: Bank of America Initiates Berry Plastics at Buy on Growth Opportunities, Valuation

Bank of America initiated coverage on Berry Plastics BERY with a Buy rating and a $20 price objective. Bank of America commented, "With forecast sales of $4.7bn-plus in F2012, BERY is a leading manufacturer of plastic packaging products, plastic films, specialty adhesives and coated products. Given its position and markets, BERY should grow more quickly than the industry on average. BERY went public at $16/share on October 4 and is majority owned by sponsor Apollo. … BERY's innovation pipeline could bring award opportunities with above average profitability. New products include an insulating polypropylene drink cup and an all plastic barrier package, both with good market penetration opportunities." Berry Plastics closed at $13.88 on Monday.