BofA analyst George Staphos downgraded Ardagh Metal Beverage to Neutral from Buy with a price target of $4, down from $5. The firm is “restacking” its ratings in the packaging and paper products group heading into Q2 reports, noting that several of its changes attempt to prioritize to better valuations or financial positioning. For Ardagh in particular, BofA sees “a less positive financial position” than it does for other beverage can companies.
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