RBC Capital downgraded Berry Global to Sector Perform from Outperform with a price target of $62, down from $72. The firm continues to believe Berry is executing well on cost initiatives and generating free cash flow. RBC is less optimistic now, however, as it believes volumes may continue to be challenged in the near-term; that net price may be a headwind in 1H24; and that the stock is likely to continue to see pressure ahead of the HHS spin.
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