These Analysts Revise Their Forecasts On Pactiv Evergreen After Q4 Results

Pactiv Evergreen Inc. PTVE reported fourth-quarter financial results after the closing bell on Thursday.

Total net revenues fell 14% year-over-year to $1,274 million from $1,476 million in the fourth quarter of 2022. Adjusted earnings fell to 33 cents per share from 17 cents in the year-ago quarter.

Michael King, President and Chief Executive Officer of Pactiv Evergreen, said, “This was a pivotal year for Pactiv Evergreen. The Company’s commitment to operational excellence and profitable growth helped offset the headwinds we encountered throughout the year. Our teams demonstrated agility and discipline, allowing the Company to exceed its financial goals while also delivering for customers. The Company made significant progress on multiple fronts of its transformational journey in 2023, and I cannot thank our employees enough for their hard work. Looking ahead to 2024, the Company plans to initiate the next phase of its strategic transformation through a footprint optimization plan, which will include the rationalization of a portion of the Company’s production capacity. We expect these actions to generate significant annual cost savings and better align resources and capabilities with customers’ needs as the Company targets sustainable growth opportunities.”

Pactiv Evergreen shares fell 10.1% to close at $13.26 on Friday.

These analysts made changes to their price targets on Pactiv Evergreen after the company reported quarterly results.

• Baird raised the price target on Pactiv Evergreen from $12 to $15. Baird analyst Ghansham Panjabi maintained a Neutral rating.
• Goldman Sachs boosted the price target on Pactiv Evergreen from $12.5 to $14. Goldman Sachs analyst Adam Samuelson maintained a Neutral rating.
• Citigroup cut the price target on Pactiv Evergreen from $16 to $15. Citigroup analyst Anthony Pettinari maintained a Buy rating.

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