Citi Raises Price Target On Ball (BLL)

Goldman Sachs is reiterating its Buy rating and is raising its price target on shares of Ball Corporation BLL to $82. In a note to clients, Goldman writes, "A 60% projected growth in operating cash flow in 2011 should allow BLL to double its capital investment in new and improved plants, improving productivity and profitability. The debt restructuring undertaken last year has eliminated virtually all near-term maturities enabling BLL to target excess free cash of $300MM solely towards the 40% increase in the dividend rate and share repurchases. These beneficial uses of capital and rising margin potential from recent acquisitions lead us to raise our ests. Raise TP to $82 on higher ests and an improved business profile. Maintain Buy." Shares of BLL lost $1.44 on Friday to close at $70.92, a loss of 2%.