UPDATE: KeyBanc Upgrades AptarGroup to Buy

KeyBanc is out with its report today on AptarGroup ATR, upgrading ATR from Hold to Buy. In a note to clients, KeyBanc writes, "We are upgrading our rating on shares of ATR from HOLD to BUY as we believe organic growth will remain elevated over the next 2-3 years driven by: 1) the organization realignment and resulting cross-selling benefits; 2) new business wins in the Food & Bev market accommodated by the new U.S. manufacturing facility; 3) growth in pain medications in the pharma business; and 4) the potential for bolt-on acquisitions of technology that can be leveraged across ATR's system. Given these catalysts, we have raised our 2012 organic growth assumption from 4% to 6%, and we believe it could have upside to 8% growth should consumer spending remain solid. Each 1% of organic growth adds roughly $0.05/share to earnings." KeyBanc has a $60 PT on ATR. At the time of posting, shares of ATR were trading pre-market at $51.16, up 1.51% from Friday's close.