Truist downgrades packaging companies Berry Global, Crown Holdings to 'Hold' [Seeking Alpha]
Berry Global Group, Inc. (BERY)
Last berry global group, inc. earnings: 5/1 07:30 am
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ir.berryglobal.com
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Source: Seeking Alpha
The brokerage says BERY stock is going to be largely range-bound due to its recent deal announcement , while leverage will remain elevated post-deal, and volume weakness will continue. Truist Securities trimmed the price target on Berry Global ( BERY ) to $68 from $75, and said, the rationale for the Glatfelter ( GLT ) deal "was predicated on a lack of outright buyers for HHS and desire by CEO Kevin Kwilinski to focus on BERY's core business without any distractions." "Our sense is that investors would have preferred an outright sale, even if that required an extension of the sales process, with BERY using the additional time to improve HHS ops / EBITDA and drive greater buyer interest and a higher EBITDA multiple," analysts Michael Roxland and Niccolo Piccini wrote in a note. On a year-to-date basis, Berry shares have lost more than 12%, while CCK has shed about 16%. Turning to Crown Holdings ( CCK ), analysts said, the company has become a “show-me” story until it delivers
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BERY
Earnings
- 2/7/24 - Miss
BERY
Sec Filings
- 4/24/24 - Form 3
- 4/11/24 - Form 8-K
- 3/8/24 - Form 4
- BERY's page on the SEC website