Crown Holdings Crowned With Higher Upside: Analyst Forecasts A Royal 2H Performance

Mizuho analyst Christopher Parkinson reiterated a Buy rating on Crown Holdings, Inc.CCK, raising the price target to $108 from $103.
Given a healthy order book and improving demand in commodities and tools, Christopher sees a gradual improvement in the back half of the year.
The analyst is particularly confident about the company's growth and cost upside into the 2H and optional capital allocation.
The analyst notes that volumes are beginning to firm up, and gradual improvement should progress going ahead.
The company is also expected to gain from contractual inflationary recovery, which is expected to continue to propel segment income in Europe.
The analyst raised FY23 and FY24 EPS estimates to $6.40 and $7.30, respectively. (earlier estimates were $6.35 for FY23 and $7.25 for FY24).
EBITDA estimates were also increased to $1.93 billion and $2.07 billion for FY23 and FY24, respectively. (earlier estimates were $1.89 billion for FY23 and $2.03 billion for FY24).
Price Action: CCK shares are trading higher by 0.07% at $81.21 on the last check Wednesday.

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