Wells Fargo Bumps Up Crown Holdings Price Target By 15%

Wells Fargo analyst Gabe Hajde raised the price target on Crown Holdings, Inc. CCK to $152 (an upside of 26.6%) from $132 while maintaining an Overweight rating on the shares.
The analyst believes that CCK will outperform in 2022, driven by strong operating leverage in the global beverage can operations and potential for better-than-expected profitability in Transit Packaging.
Domestically, beverage can demand is projected to outstrip supply through 2023. Accordingly, Hajde expects significant year-over-year income gains for CCK's global beverage can operations over the foreseeable future.
The analyst believes CCK's 2022 guidance will be attainable (directionally) despite inflationary and foreign exchange headwinds.
The analyst cautions that the recent pace/magnitude of inflation has stressed many aspects of pass-thru language, requiring non-contract price adjustments, surcharges, and other efforts to mitigate the financial impact of higher-priced inputs.
Price Action: CCK shares are trading higher by 1.27% at $120.13 on the last check Wednesday.

Momentum67.89

Growth39.44

Quality72.10

Value26.85

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