Ardagh Metal Packaging downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Ardagh Metal Packaging to Equal Weight from Overweight with an unchanged price target of $4. After a year of shipment declines and four years of volatility, 2024 should mark the return of beverage can names as steady compounders, the analyst tells investors in a research note. However, the firm downgrades Ardagh on the company’s “elevated risk and relative valuation.”