Ardagh Metal Packaging price target lowered to $3.95 from $4.10 at Wells Fargo

Wells Fargo lowered the firm’s price target on Ardagh Metal Packaging to $3.95 from $4.10 and keeps an Equal Weight rating on the shares ahead of quarterly results. The firm believes it is a little too early to get broadly constructive in the space. With most companies narrating a cautiously optimistic second half of the year outlook, Wells’ base case is a little more muted, as it assumes volumes likely trend flat, rather than +low single-digit. Further, a protectionist policy could lead to further raw material cost hike pressuring margins, the firm adds.