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

  • Mizuho analyst Christopher Parkinson reiterated a Buy rating on Crown Holdings, Inc.CCKraising 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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