Ardagh Metal Beverage price target lowered to $3 from $4 at BofA

BofA analyst George Staphos lowered the firm’s price target on Ardagh Metal Beverage to $3 from $4 and keeps a Neutral rating on the shares. The average paper/forest stock is up only 1.4% year-to-date, versus the market being up about 11%, notes the analyst, while the average packaging stock is down 10% year-to-date. Relative declines should be nearly done and the firm expects volumes to turn positive between Q4 and Q2 of 2024, depending on the company, but “growth will still be weak” and while the firm believes the impact of anti-obesity GLP-1 drugs is “being overplayed in the market,” it adds that “truth be told, we don’t know and they certainly aren’t helping consumption, either.”